budget deficit

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3 Grim Lines From CBO's New Deficit Report

'Unsustainable course'

(Newser) - The deficit will swell by $809 billion more than anticipated over the next decade, the Congressional Budget Office announced in new projections Wednesday, per the AP . The Washington Post reports the US was already expected to hit a deficit over the $1 trillion mark in 2020. The change here, which... More »

Hard-Won Budget, Debt Deal Clears the Senate

The drama-free solution involved compromise on both sides

(Newser) - A hard-won budget and debt deal easily cleared the Senate on Thursday, powered by President Trump's endorsement and a bipartisan drive to cement recent spending increases for the Pentagon and domestic agencies, the AP reports. The legislation passed by a 67-28 vote as Trump and his GOP allies relied... More »

National Debt Hits Another New Milestone

Public debt now stands at $22T

(Newser) - The national debt has passed a new milestone, topping $22 trillion for the first time. The Treasury Department's daily statement showed Tuesday that total outstanding public debt stands at $22.01 trillion. It stood at $19.95 trillion when President Trump took office on Jan. 20, 2017. The debt... More »

US Budget Deficit Surges to Highest Level in 6 Years

It hit $779B in fiscal 2018

(Newser) - The federal budget deficit has surged to $779 billion in fiscal 2018, its highest level in six years as President Trump's tax cuts caused the government to borrow more heavily in order to cover its spending. The Treasury Department said Monday that the deficit climbed $113 billion from fiscal... More »

Deficit on Track to Hit $1T by Next Year: CBO

Deficit could permanently breach $1T mark by 2020

(Newser) - The combined effects of President Trump's tax cuts and last month's budget-busting spending bill is sending the government's budget deficit toward the $1 trillion mark next year, according to a new analysis by the Congressional Budget Office. The CBO report says that that the twin tax and... More »

Here's the First Taste of Trump's 'America First' Budget

First budget proposal will seek $54B increase in defense spending

(Newser) - The Trump administration isn't straying from its "America first" mantra: It plans to recommend some significant reallocation of funds in the 2018 budget, bumping defense spending by 10%, or $54 billion. An equivalent amount will be shaved off non-security spending for the budget year starting Oct. 1; law... More »

Senator Tries to Crowdfund Alabama's $300M Shortfall

He's raised $598 with only $299,999,402 left to go

(Newser) - Crowdfunding: If it's good enough to bring Veronica Mars back or cook up a $55,000 potato salad , it's good enough for financing an entire state, right? Last week, Alabama state Sen. Paul Sanford set up a GoFundMe page to fix his state's budget woes. Sanford explains... More »

Italy to Shrink Deficit Using Hookers, Cocaine

Illegal activities to be added to GDP

(Newser) - Surprisingly enough, this idea didn't come from Silvio Berlusconi: Italy plans to include things like illegal drug sales, prostitution, and cigarette smuggling in its GDP figures for the first time, immediately giving the size of the economy a big boost, Bloomberg reports. Prime Minister Mario Renzi has pledged to... More »

Ryan Sees Balanced Budget in 10 Years

But that would require repeal of ObamaCare

(Newser) - Paul Ryan unveiled a Republican budget plan today that would slash $5.1 trillion in federal spending over the coming decade and balance the government's books with wide-ranging cuts in programs like food stamps and government-paid health care for the poor and working class. About 40% of Ryan's... More »

Federal Deficit Has Biggest Drop Since WWII

$680B deficit is lowest since 2008

(Newser) - The federal budget deficit for fiscal 2013 has plunged by more than $400 billion, the biggest drop since the end of World War II, the Treasury Department says. It comes in at $680 billion—not exactly pocket change, but a lot better than the trillion-plus deficits of the last five... More »

As Deficit Plummets, Feds Actually Saw Surplus in Dec.

Fiscal Q1 figures were looking decidedly up, CBO reveals

(Newser) - Don't look now, but after years of congressional dogfights, the federal budget deficit is in pretty good shape. The deficit plummeted by more than a third in October, November, and December—the first three months of fiscal 2014—the Congressional Budget Office announced yesterday, Reuters reports. In fact, December... More »

Congress on Verge of Drama-Free Budget

Low-ambition deal might make flying more expensive

(Newser) - Paul Ryan and Patty Murray do not want another government shutdown. That much is clear based on the quick budget deal that the two are reportedly finishing up—one so modest that the Washington Post characterizes it as a "cease-fire." The bill doesn't reduce the debt, close... More »

Shutdown Actually Costing Us More

'New York Times' editorial points out the hidden costs of not running government

(Newser) - You might assume that the government shutdown is at least saving money and shrinking the deficit. But you'd be wrong. "The shutdown will actually be very expensive and will wind up costing the taxpayers and the economy far more than the regular operations of government," the New ... More »

Dear DC: 7.6% Unemployment Is Not OK

Paul Krugman thinks everyone's dropping the ball on employment

(Newser) - Once upon a time, back before the financial crisis, Americans had certain expectations for their economy. "Normal, back then, meant an economy adding a million or more jobs a year," and an unemployment rate "not much above 5%," recalls Paul Krugman at the New York Times... More »

Obama Sends $3.8T Budget to Congress

Seeks 'grand bargain' with cuts, taxes that rile both Dems, GOP

(Newser) - President Obama's budget plan for fiscal year 2014 is en route to Congress. Seeking to slash the deficit, it contains a mix of tax hikes on the wealthy and cuts to government programs—including entitlements—that is upsetting both sides of the aisle, the AP reports. "I have... More »

Obama Budget to Offer GOP a Spoonful of Sugar

Medicare, Social Security cuts 'demonstrate willingness to compromise': NYT

(Newser) - Obama's personal salary isn't the only figure the president plans on cutting this year. A new budget set to be released next week proposes cuts to Medicare and Social Security. It's a deficit-reducing olive branch to the GOP, and the administration says it will lead to... More »

Senate Passes First Budget in 4 Years, 50-49

Calls for $975B in new taxes over decade

(Newser) - The Senate gave pre-dawn approval today to a $3.7 trillion budget for next year that embraces nearly $1 trillion in tax increases over the coming decade but shelters domestic programs targeted for cuts by Republicans in the House. It's the first budget the Democratic-run Senate has approved in... More »

Chicago to Close 53 Elementary Schools

Teachers' union fumes over deficit-fighting move

(Newser) - Chicago yesterday released a long-awaited school closings list, which named the 61 buildings it plans to shutter. The Tribune breaks down the "confusing" math behind the closure announcement, and reports that the plan will spell the end for 53 elementary schools; 13% of elementary and middle schools in the... More »

Like Saddam's WMDs, We Still Manufacture 'Mainstream'

Paul Krugman thinks we haven't learned to examine 'mainstream' consensus

(Newser) - It's the 10th anniversary of the Iraq war, a disastrous war fought on false pretenses. "So did our political elite and our news media learn from this experience? It sure doesn’t look like it," Paul Krugman writes in the New York Times . The real trick of... More »

Obama's Problem Is With Democrats

John Boehner complains that Obama isn't offering concessions, wants leadership

(Newser) - "So it was a good meeting." That's how John Boehner begins his op-ed in the Washington Post today, in reference to yesterday's face-to-face with President Obama . But it wasn't that good. "While this may have been the first time some of my colleagues have... More »

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