Budget Battles
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Republicans Fume Over ‘Dumpster Fire’ Funding Bill
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Congress Struggles to Reach Deal to Avert Government Shutdown
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GOP Hardliners Say Border Bill Should Come Before Tax Cuts
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Senate Tees Up Vote on a Social Security Boost for Millions
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House Passes Massive Defense Bill
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Trump’s Tax and Tariff Plans Are a ‘Major Mistake,’ Biden Warns
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Trump ‘Can’t Guarantee’ Tariffs Won’t Raise Prices
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Penn Economists Propose Reforms to Cut Debt Without Economic Damage
Economists at the Penn Wharton Budget Model have constructed a package of 13 major tax and spending reforms that they say can grow the U.S. economy while also reducing federal debt and enhancing the...
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Medicaid Enrollment Drops 7.5%, Expected to Fall Further
By Michael RaineyThe Medicaid rolls declined by 7.5% in fiscal year 2024, the nonpartisan policy research group KFF reported this week in its annual survey of state Medicaid directors. The decline is expected to...
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Trump Proposals Could Lead to a 33% Cut in Social Security Benefits
By Michael RaineySocial Security will be forced to cut benefits by an estimated 23% in 10 years if Congress fails to prop up the program’s trust funds before then, but a new analysis from a budget watchdog group...
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Social Security Benefits to Rise 2.5% in 2025
By The Fiscal Times StaffSocial Security recipients will receive a 2.5% cost of living adjustment in 2025, the Social Security Administration announced Thursday. It’s the smallest increase in four years, reflecting the...
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Trump Economic Plans Would Cost More Than $4 Trillion: Analysis
By Michael RaineyAn array of tax and spending proposals put forth by former President Donald Trump would raise the federal budget deficit by more than $4 trillion over the next 10 years, according to an analysis by...
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Trump’s Social Security Tax Plan Would Cost $1.5 Trillion: Analysis
By Michael RaineyFormer President Donald Trump suggested this week that he wants to repeal the income tax on Social Security benefits. “SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!” he posted on his social media...
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Trump’s Republican Platform Drops Any Mention of National Debt
Ahead of the Republican National Convention in Milwaukee next week, the GOP on Monday published its 2024 platform — a 16-page outline of the party’s policy positions for a second Trump term. The...
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Social Security, Medicare Get Modest Boost From Strong Economy
By Michael RaineySolid economic growth in the wake of the pandemic has strengthened some of the nation’s leading social safety net programs, as robust employment increases the flow of payments into the Social...
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BlackRock CEO Warns of a Retirement Crisis
Larry Fink, the billionaire chairman and CEO of investing giant BlackRock, warns in a newly published annual letter to shareholders that it’s time to rethink retirement savings in aging countries...
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House Republican Caucus Calls for Raising the Social Security Retirement Age
By Michael RaineyThe Republican Study Committee, the largest conservative caucus in the House, released on Wednesday a 2025 budget proposal that would slash healthcare spending, raise the Social Security retirement...
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GOP Candidates Clash Over Government Spending, Entitlements
Although the opening exchanges of last night’s Republican presidential primary debate aren’t making many highlight reels and recaps, they showed the candidates trying to establish their fiscally...
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Social Security Benefits Could Be Cut by $17,400 a Year When Trust Fund Runs Dry
By Michael RaineyA typical retired couple could face a loss of $17,400 in their annual Social Security benefits in 2033, when the retirement program’s main trust fund is projected to run dry. That estimate comes from...
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Biden Taps a New Social Security Administration Chief
President Biden announced Wednesday that he intends to nominate former Maryland governor Martin O’Malley to head the Social Security Administration. “Since Day 1 I have fought to strengthen and...
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National Debt Projected to Soar Over Next 30 Years: CBO
By Michael RaineyDespite the dramatic showdown over the debt ceiling and the resulting budget agreement that restrains federal spending through 2025, the national debt is projected to rise to record levels over the...
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Conservatives’ Budget Plan Slashes Spending, Takes Aim at ‘Woke’ Policies
By Michael RaineyThe House Republican Study Committee released a 2024 budget plan Wednesday that would slash federal spending by $16.3 trillion and cut taxes by $5.1 trillion over a decade, while balancing the budget...