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Budget Legislation

All articles tagged with #budget legislation

politics-taxation2 years ago•3 min saved

"Congress Strikes Last-Minute $78 Billion Tax Deal to Expand Child Tax Credit and Boost Businesses"

The chief tax writers in Congress have reached a deal to temporarily expand the Child Tax Credit and undo restrictions on popular business tax breaks, with the roughly $80 billion package also including subsidies for affordable housing and disaster assistance. The plan would be paid for by cracking down on the troubled Employee Retention Credit and could potentially be attached to must-pass budget legislation or passed as a standalone measure. The agreement represents a significant victory for Democrats and would cost roughly $35 billion over three years, largely benefiting lower-income individuals.

via POLITICO|

#budget-legislation #child-tax-credit #house-ways-and-means-committee

politics2 years ago•3 min saved

"Goldman Sachs Predicts 90% Chance of Government Shutdown Lasting Weeks"

Goldman Sachs predicts that there is a 90% chance of a government shutdown in the U.S., which could last two to three weeks starting from October 1. The chief economist at Goldman Sachs argues that the shutdown is likely to last this long due to political pressure from missed pay dates for active-duty military members and a deterioration in essential operations. Another economics team supports this view, stating that a longer shutdown is possible. Lawmakers have the option to prevent a shutdown by passing a short-term extension of funding, but controversial provisions in the proposed extensions make them unlikely to pass. The shutdown could have a greater impact on the economy this time, potentially delaying key data releases that the Federal Reserve relies on for monetary policy decisions.

via Fortune|

#budget-legislation #congress #goldman-sachs

politics2 years ago•4 min saved

Senate Passes Stopgap Measure to Avert Government Shutdown and Provide Ukraine Aid

The US Senate has reached a bipartisan agreement on a stopgap measure to prevent a government shutdown, keeping the government open for an additional six weeks and providing $6 billion in short-term funding for Ukraine. However, the deal may face challenges in the House of Representatives, where far-right Republicans have vowed to reject it. Failure to pass budget legislation by the September 30 deadline could lead to a government shutdown, affecting federal services and employees' pay. The US's credit rating could also be further downgraded. House Speaker Kevin McCarthy faces pressure from within his party, with some far-right members threatening to remove him from his leadership position if he partners with Democrats to pass the budget. President Joe Biden criticized Republicans for refusing to stand up to extremists in their party and potentially forcing a government shutdown.

via Al Jazeera English|

#budget-legislation #government-shutdown #house-of-representatives