federal deficit

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June Had the Biggest Budget Deficit in History

$864B deficit breaks record set in April

(Newser) - The federal government incurred the biggest monthly budget deficit in history in June as spending on programs to combat the coronavirus recession exploded while millions of job losses cut into tax revenues. The Treasury Department reported Monday that the deficit hit $864 billion last month, an amount of red ink... 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 »

Federal Debt Soars Past $20T

Fiscal conservatives are appalled

(Newser) - In a very unwelcome milestone for fiscal conservatives, the federal debt soared past $20 trillion for the first time last week, according to the latest Treasury figures. An increase after President Trump's deal with Democrats to lift the debt ceiling by $318 billion leaves America $20.16 trillion in... More »

The Donald's Tax Plan Has Arrived

Promises to simplify tax code, cut income taxes to zero for lowest earners

(Newser) - Slowly but surely, Donald Trump is bulking up the position statements on his website. His immigration and gun rights platforms have now been joined by his new tax plan , which he announced Monday in a press conference from NYC's Trump Tower, CNBC reports. "Too few Americans are working,... More »

8M Immigrants Would Gain Legal Status in Reform: CBO

But measure would cut federal deficit over two decades, says nonpartisan analysis

(Newser) - About 8 million immigrants living unlawfully in the US would initially gain legal status under sweeping legislation moving toward a vote in the Senate, the Congressional Budget Office said today. The CBO also said the bill would push federal deficits lower in each of the next two decades. The eagerly... More »

Why We Need to 'Kick That Can'

Paul Krugman: US debt problems are long-term; fixing now would be 'destructive'

(Newser) - Paul Krugman appears exasperated with John Boehner's exasperation. On Wednesday, the speaker of the House discussed his determination to tackle the deficit, saying, “I’ve watched them kick this can down the road for 22 years since I’ve been here. I’ve had enough of it. It’... More »

College Kids' Super PAC Aims to Raise... Beer Money

A nice cold brew could lead to balanced budget, founders argue

(Newser) - What happens when two college students form a super PAC? Easy: That super PAC sets out to raise money for … beer. Daniel Bassali and Winslow Marshall, both seniors at George Washington University, formed Slam Dunks, Fireworks, and Eagles with the intention of raising enough money to host a congressional... More »

National Debt Now as Big as Entire Economy

And sure to surpass it soon: USA Today

(Newser) - It's official, at least according to USA Today : The national debt is as big as the country's entire economy, and sure to surpass it soon. The federal government owes more than $15.23 trillion to creditors and government programs like Social Security, which is more than the latest... More »

Fitch Hacks US Debt Outlook After Super Committee Fails

Downgrade of AAA rating could loom

(Newser) - Thanks to the super committee’s super failure, Fitch Ratings has downgraded US debt outlook to negative. Fitch did not lower the US’ AAA rating for long-term treasuries, but a Fitch official says a negative debt outlook often leads to such a downgrade. That decision is not expected until late... More »

If Supercommittee Fails, What Happens? Nothing

And failure is looking exceedingly likely

(Newser) - There’s a reason Capitol Hill isn’t in panic mode ahead of the supercommittee’s dreaded Nov. 23 deadline: because nothing will actually happen in the now-likely event that the committee fails. Turns out those massive spending cuts that supposedly serve as a sword of Damocles for lawmakers don’... More »

Clock Ticking, Super Committee Still Worlds Apart

Republicans continue to refuse to give ground on taxes

(Newser) - With their November 23 deadline looming, Democrats and Republicans on the deficit “supercommittee” exchanged initial plans yesterday—and they weren’t even close. While both sides are willing to cut entitlements, Republicans remain unwilling to compromise on taxes, Politico reports. The Republican proposal—which is about a third smaller... More »

Super Committee Dems Propose $3T Debt Deal

It includes big slashes to Medicare

(Newser) - Democrats threw a whopper of a deal onto the table in a closed-door super committee meeting yesterday, offering a plan that would slash between $2.5 trillion and $3 trillion from the deficit over the next 10 years, while providing between $200 billion and $300 billion in new stimulus spending,... More »

Deficit Panel Floundering

Party leaders may have to light a rocket under 'supercommittee'

(Newser) - The bipartisan panel tasked with finding ways to cut more than $1 trillion from the federal deficit is only five weeks away from its Nov. 23 deadline, and you might not be flabbergasted to learn that it is having trouble reaching an agreement—or even agreeing on basic starting positions.... More »

2011 Deficit Is 2nd-Largest in History: $1.299T

Only unexpected growth kept it below 2009's record

(Newser) - There's no second stimulus, but that didn't stop the federal deficit reaching $1.299 trillion last year, the second-largest in history, reports the Hill . That's slightly bigger than the $1.293 trillion from fiscal 2010, but less than the $1.412 trillion of 2009. While $1.299... More »

Feds Plan 'Garage Sale' to Raise $22B

Sale of airwaves, unused properties eyed as deficit reduction measure

(Newser) - The federal government is going through its stuff looking for things it doesn't use much anymore and can sell off to raise some cash. A "garage sale" included in President Obama's deficit reduction plan could see the government selling off unused land, roads, vehicles, and even airwaves,... More »

Budget Cuts Are 'Bleeding' the Economy

We need to spend to staunch the flow: Paul Krugman

(Newser) - Trying to fix the economy with budget cuts reminds Paul Krugman of an outdated medical practice: bleeding patients. This “economic bloodletting” is supposed to boost confidence, but it's a cure that just makes things worse. "Somehow, businesses and consumers seem much more concerned about the lack of... More »

Obama on Debt Talks: 'I Will Not Yield'

...even though 'this may bring my presidency down'

(Newser) - We already knew last night's debt talks did not go well —but not only did President Obama leave "abruptly," he really put his foot down, Talking Points Memo reports: "I have reached the point where I say enough," he said, according to those present.... More »

Obama: No 'Guarantee' of Social Security Checks

Without deficit deal, there may not be enough cash 'in the coffers'

(Newser) - If Democrats and Republicans can’t strike a deficit deal, retirees may not get their Social Security checks early next month, says President Obama. “I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the... More »

Obama: I Won't Sign Any 'Stop-Gap' Debt Deal

President says budget talks will continue 'every day'

(Newser) - Compromise was the theme of President Obama's press conference today, during which he acknowledged that yesterday's budget talks did not result in a deal—but promised that "we're gonna meet every single day until we get this thing resolved." He insisted that he and "... More »

Why Are 64 Senators Writing a Letter, Not Laws?

'Odd' missive asks for help supermajority doesn't need: Ezra Klein

(Newser) - There’s something strange about the letter 64 senators have written to Barack Obama, requesting that he support comprehensive debt reduction. The language itself is standard enough, writes Ezra Klein in the Washington Post —but why did a powerful bloc of senators write it, rather than the legislation they... More »

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