Federal Budget

Federal Debt on Track to Reach 'Unprecedented' Levels, CBO Says
Economy
Federal Debt on Track to Reach 'Unprecedented' Levels, CBO Says
2019-06-25 21:04:05
by Dan McCue

WASHINGTON - The federal debt is on track to reach unprecedented levels in the next 30 years and will rise to 144 percent of the nation's gross domestic product by 2049 if current laws are maintained, the Congressional Budget Office... Read More

Brady Concedes Uncertainty Over Whether Republican Tax Cuts Will Pay for Themselves
Political News
Brady Concedes Uncertainty Over Whether Republican Tax Cuts Will Pay for Themselves
2019-06-12 20:51:51
by Dan McCue

WASHINGTON - Representative Kevin Brady, R-Texas, one of the principal architects of the 2017 Republican tax cuts, conceded Tuesday that assurances the cuts would pay for themselves may not pan out in exactly the way the GOP promises. "It's so... Read More

Yarmuth: Budget Talks 'Not Going Very Well,
Political News
Yarmuth: Budget Talks 'Not Going Very Well," Sees Them Going Into September
2019-06-12 20:47:18
by Dan McCue

WASHINGTON - Negotiations between House Democrats, the GOP-controlled Senate and the White House over a 2020 budget plan "are not going very well" and could very well extend to the September 30 deadline to avoid automatic spending caps, the chairman... Read More

Sources: Swagel to Replace Hall as CBO Director
Federal Budget
Sources: Swagel to Replace Hall as CBO Director

WASHINGTON — Senate and House budget leaders have chosen Phillip L. Swagel, a University of Maryland economist and former Treasury official in the George W. Bush administration, as the next director of the Congressional Budget Office, according to several sources... Read More

Alice Rivlin, First Woman To Serve As Budget Director, Dies
Federal Budget
Alice Rivlin, First Woman To Serve As Budget Director, Dies
2019-05-14 21:32:27
by Dan McCue

Alice Rivlin, the economist and centrist Democrat who as the first director of the Congressional Budget Office taught lawmakers to be more conscious of the cost of new legislation, has died after a battle with cancer. The Brookings Institution, where... Read More

Social Security Costs to Exceed Income in 2020, Trustees Say
Entitlements
Social Security Costs to Exceed Income in 2020, Trustees Say
2019-04-22 23:10:42
by Dan McCue

Both Social Security and Medicare are on unstable financial footing, and lawmakers need to act sooner rather than later to shore up America’s bedrock retirement programs and phase in needed changes, the trustees of both programs said in reports released... Read More

Non-Profit's 10-K For the Federal Government Paints Bracing Picture
Federal Budget
Non-Profit's 10-K For the Federal Government Paints Bracing Picture
2019-04-17 21:05:51
by Dan McCue

Think about it. Every public corporation in America is required to make frequent filings to the U.S. Securities and Exchange Commission. These reports provide a comprehensive summary of the company's performance, the risks it foresees encountering in the near and... Read More

McAdams Proposes Balanced Budget Amendment, Blue Dog Coalition Endorses
Federal Budget
McAdams Proposes Balanced Budget Amendment, Blue Dog Coalition Endorses
2019-04-09 23:41:23
by Dan McCue

The Blue Dog Coalition of fiscally-responsible Democrats, has endorsed a Balanced Budget Amendment authored by Representative Ben McAdams, the co-chair of the organization's task force on fiscal responsibility and government reform. McAdams, a Democrat from Utah, is the first to... Read More

Former US Senator Ernest
U.S. Senate
Former US Senator Ernest "Fritz" Hollings Dies
2019-04-07 16:20:21
by Dan McCue

Former US Senator and South Carolina Governor Ernest "Fritz" Hollings died early Saturday morning at his home in Isle of Palms, South Carolina, after being in declining health for several weeks. He was 97. In a statement, his three surviving... Read More

Trump Budget Sets Stage For Renewed Fight Over Border Wall Funding 
Federal Budget
Trump Budget Sets Stage For Renewed Fight Over Border Wall Funding 
2019-03-11 23:36:03
by Dan McCue

If there was anything about President Donald Trump's proposed budget for the 2020 fiscal year that surprised no one on Capitol Hill Monday, it was his apparent willingness to revive the nasty fight over funding of his border wall that... Read More

Watchdogs: Trump's Gimmicky $4.7 Trillion Budget Not Grounded In Reality
Federal Budget
Watchdogs: Trump's Gimmicky $4.7 Trillion Budget Not Grounded In Reality
2019-03-11 21:41:58
by Dan McCue

The $4.7 trillion federal budget for 2020 proposed by President Donald Trump on Monday, misses the mark on achieving meaningful deficit reduction while relying on accounting "sleight-of-hand" to bring future spending into promised balance in 15 years, according to a... Read More

Trump Plan Postpones Balanced Budget Despite Deep Spending Cuts
Federal Budget
Trump Plan Postpones Balanced Budget Despite Deep Spending Cuts

WASHINGTON — President Donald Trump will propose a U.S. budget that wouldn’t balance for 15 years, even assuming stronger economic growth than private forecasters expect and with deep domestic spending cuts that have little chance of passing Congress. Trump’s budget... Read More

Federal Deficit Now 77 Percent Higher Than a Year Ago
Federal Budget
Federal Deficit Now 77 Percent Higher Than a Year Ago
2019-03-06 00:33:39
by Dan McCue

The Treasury Department reported Tuesday that the federal deficit for the first four months of the current fiscal year is 77 percent higher than the same period a year ago. Since the fiscal year began on October 1, 2018, the... Read More

White House Maps Budget Battle with a Gambit Once Scorned by GOP
Federal Budget
White House Maps Budget Battle with a Gambit Once Scorned by GOP

WASHINGTON — The Trump administration on Monday unveiled its opening position in high-stakes budget negotiations set to begin in Congress just weeks after a stalemate over spending led to a 35-day government shutdown. Read More

Gates Says Taxing Capital Gains Is the Best Way to Tap Big Fortunes
Federal Budget
Gates Says Taxing Capital Gains Is the Best Way to Tap Big Fortunes

WASHINGTON –– Bill Gates is concerned about the high budget deficits being run by the U.S., and said if taxes are ultimately increased to make up the shortfall, then it’s appropriate for wealthy people to pay much higher taxes. Read More

Corporate Rate Increase Could Hinder Economic Growth, CBO Director Says
Federal Budget
Corporate Rate Increase Could Hinder Economic Growth, CBO Director Says

Congressional Budget Office Director Keith Hall said raising the corporate income tax rate as many Democrats want to do could slow down economic growth and wage increases. Read More

Blue Dogs Work to Restore Fiscal Responsibility to Government
Federal Budget
Blue Dogs Work to Restore Fiscal Responsibility to Government
2019-01-04 20:41:42
by TWN Staff

This week, Democrats took back the majority in the U.S. House of Representatives following 2018's historic midterm elections. One of the first orders of business? Establish rules for the 116th Congress. H.Res.6, "A Resolution Providing for the House ... Read More

Democrats Will Push to Restore State and Local Tax Deductions
Economy
Democrats Will Push to Restore State and Local Tax Deductions

One of the most contentious fights of the Republicans’ tax law is about to go another round. Democrats from high-tax states — including California — are preparing a new push to restore the state and local tax deduction... Read More

Exploring the Future of Work
Spotlight
Exploring the Future of Work
2018-11-30 20:29:03
by TWN Staff

As the nature of work dramatically changes in the 21st century, new leaders are emerging to tackle the challenges of our shifting economic landscape. Workers are facing growing uncertainty in the labor market, and their relationship with their employers must ... Read More

Isn’t It Time We Put Borrowers First?
Opinions
Isn’t It Time We Put Borrowers First?
2018-11-27 23:39:56
by Sameh Elamawy

Silicon Valley likes to talk about disruption. From how you hail a cab to how you shop for groceries, technology developed in Silicon Valley has changed almost every part of the average American’s life. But we haven’t disrupted... Read More

New Peterson Foundation Poll Finds Voters’ Concern for National Debt Is a “Significant Factor” Heading Into Midterm Election
Spotlight
New Peterson Foundation Poll Finds Voters’ Concern for National Debt Is a “Significant Factor” Heading Into Midterm Election
2018-11-02 11:18:05
by TWN Staff

A new poll released by the Peter G. Peterson Foundation finds the national debt is a driving factor for a majority of Americans. According to the poll, conducted by the bipartisan team of polling firms, Global Strategy Group and North... Read More

Bolton Calls National Debt ‘Economic Threat’ to US
Economy
Bolton Calls National Debt ‘Economic Threat’ to US

U.S. national security adviser John Bolton called the national debt a “threat to the society” that requires significant cuts to the government’s discretionary spending. Bolton, speaking Wednesday at an event hosted by the Alexander... Read More

Trump Tax Cuts Will Wait Until 2019 if the GOP is Still in Charge, Says Brady
Economy
Trump Tax Cuts Will Wait Until 2019 if the GOP is Still in Charge, Says Brady

The chairman of the House Ways and Means Committee is appearing to punt President Donald Trump’s new middle class tax cut plan to 2019. Rep. Kevin Brady made clear Friday that the additional 10 percent middle class... Read More

Top-Spending Republican Group Says Little About Trump Tax Law in Campaign
2018 Midterms
Top-Spending Republican Group Says Little About Trump Tax Law in Campaign

A deep-pocketed Republican group that began the year vowing to focus on the tax overhaul has mentioned the GOP’s signature legislative achievement in just a fraction of its TV ads in 2018, a signal that the issue hasn’t... Read More

McConnell Blames Entitlements, Not GOP, for Rising Deficits
In The News
McConnell Blames Entitlements, Not GOP, for Rising Deficits

Senate Majority Leader Mitch McConnell on Tuesday blamed rising federal deficits and debt on a bipartisan unwillingness to contain spending on Medicare, Medicaid and Social Security, and said he sees little chance of a major deficit reduction deal while Republicans ... Read More

Where Have All the Deficit Hawks Gone?
Congress
Where Have All the Deficit Hawks Gone?
2018-10-17 01:05:08
by TWN Staff

Despite all the blustering on the campaign trail about the debt and deficit, this week the Treasury Department announced a fiscal year 2018 deficit of $779 billion. This is the largest deficit since 2012, two years after the... Read More

Trump’s First Annual Budget Deficit Will be Widest Since 1992
Federal Budget
Trump’s First Annual Budget Deficit Will be Widest Since 1992

The U.S. budget deficit expanded to an estimated $782 billion in Donald Trump’s first full fiscal year as president, which would be the widest fiscal gap since 2012 when the country was still emerging from the 2007-09 recession. Read More

Bipartisan Legislation in New Jersey Extends Funding for Manufacturing Workforce Development
Economy
Bipartisan Legislation in New Jersey Extends Funding for Manufacturing Workforce Development
2018-10-03 00:16:37
by TWN Staff

A recent move by the New Jersey State Senate would provide extended funding for manufacturing workforce development in a state where more than 1 million jobs are supported by the industry. The bipartisan legislation... Read More

Internal GOP Poll: ‘We’ve Lost the Messaging Battle’ on Tax Cuts
Polling and Ads
Internal GOP Poll: ‘We’ve Lost the Messaging Battle’ on Tax Cuts

A survey commissioned by the Republican National Committee has led the party to a glum conclusion regarding President Donald Trump’s signature legislative achievement: Voters overwhelmingly believe his tax overhaul helps the wealthy instead of average Americans. Read More

Congress races to avert government shutdown — and may actually do it
In The News
Congress races to avert government shutdown — and may actually do it

Congress is scrambling to fund much of the federal government before the fiscal year ends, anxious to avoid an unpopular government shutdown or a bitter battle over President Donald Trump's demands for a border wall less than two months before ... Read More

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