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Governmentspending

All articles tagged with #governmentspending

politics-economy2 years ago•2 min saved

"Congress Nears Funding Deal Amid Shutdown Fears and GOP's 'Devastating' Cut Proposals"

The Congressional Budget Office (CBO) has warned of significant automatic cuts to nonmilitary federal spending if Congress fails to pass full-year government funding bills for 2024, as required by the Fiscal Responsibility Act (FRA). House Republicans, led by Speaker Mike Johnson, are pushing for lower spending levels and stringent anti-immigrant policies, risking cuts that would reduce nondefense spending from $777 billion to $736 billion, while military spending would slightly decrease from $860 billion to $850 billion. Democrats, including Rep. Brendan Boyle, criticize this approach as harmful and irresponsible, emphasizing the need for Congress to fulfill its duty to pass appropriate funding bills and avoid unnecessary austerity measures.

via Common Dreams|

##budgetcuts #cbo

economy2 years ago•2 min saved

"U.S. National Debt Breaks $34 Trillion Milestone Amid Congressional Budget Battle"

The U.S. public debt has surpassed $34 trillion, a record high, as Congress faces imminent deadlines for federal funding decisions. The increase in debt is attributed to rising federal deficits, with falling tax revenues and increased expenditures. The upcoming negotiations are complicated by the approaching presidential and congressional elections, with Republicans calling for spending cuts and the White House blaming the debt on past tax cuts for the wealthy. The situation puts pressure on lawmakers to find a compromise to avoid a government shutdown and address fiscal responsibilities.

via Reuters|

##congress #economicpolicy

economy2 years ago•4 min saved

"U.S. Debt Surpasses $34 Trillion Amid Economic Concerns and Congressional Budget Battles"

The U.S. national debt has reached a record $34 trillion, surpassing projections years earlier than expected due to heavy borrowing during the pandemic to support the economy. This increase has raised concerns about the long-term economic impact, including the sustainability of major programs like Social Security and Medicare. The debt's growth could lead to higher inflation and interest rates, affecting the cost of repaying the debt. Political divisions persist, with Democrats advocating for tax hikes on the wealthy and corporations, and Republicans pushing for spending cuts and tax reductions. The trajectory of the national debt is seen as unsustainable by some, with potential severe consequences for the U.S. economy.

via The Associated Press|

##debtceiling #economicchallenges

economy2 years ago•4 min saved

"U.S. Debt Surpasses $34 Trillion Amid Economic Concerns and Congressional Budget Battles"

The U.S. national debt has reached a record $34 trillion, surpassing earlier projections due to heavy borrowing during the pandemic to support the economy. This increase has raised concerns about the long-term economic impact and the sustainability of government spending, especially with regard to major programs like Social Security and Medicare. The debt's growth could lead to higher inflation and interest rates, affecting the cost of repaying the debt. As Congress prepares for budget negotiations, Republicans and Democrats differ on how to address the debt, with the former advocating for spending cuts and the latter for tax increases on the wealthy and corporations. The trajectory of the national debt is a key issue for the upcoming presidential election, with both parties positioning their strategies for voter consideration.

via Yahoo Finance|

##debtceiling #economicchallenges

economy2 years ago•1 min saved

"US National Debt Reaches Historic $34 Trillion Amid Economic Concerns and Congressional Budget Battles"

The U.S. national debt has surpassed $34 trillion for the first time, marking a historic high. This increase raises concerns about the sustainability of government spending, with projections suggesting the debt could nearly double by 2053, reaching 181% of GDP. The rise in interest rates further complicates the issue, as it increases the cost of servicing the debt, with interest payments expected to become the fastest-growing part of the federal budget, potentially tripling by 2032. Experts warn that the high level of debt poses risks to both the economy and national security.

via Fox Business|