Budget Battles
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Deficit Owls Say You Shouldn’t Give a Hoot About $1 Trillion Budget Shortfall
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How Congress Cheats with Our Money — and How We Can Stop It
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April Is Financial Literacy Month. Someone Tell Congress.
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When the Budget Won’t Balance, Just Get Rid of the Budget Committee?
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With Recent Laws, Congress Has Added $540 Billion to the 2019 Deficit
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Why Trillion-Dollar Deficits Matter
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Paul Ryan's Fiscal Legacy: Lots of Red Ink
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Treasury Department Encourages Workers to Check Their Withholding
By The Fiscal Times StaffWith the new tax law in place, the Treasury Department is urging taxpayers to take another look at their paychecks and make sure the right amount is being withheld. “We urge taxpayers to visit the...
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Sparring Over the Tax Bill
By Michael RaineyThe Senate Finance Committee heard from supporters and critics of the new tax law in a hearing on Tuesday afternoon. There was little agreement to be found, with the Republican witnesses largely...
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Why the Deficit Outlook Could Be Even Worse Than It Seems
By The Fiscal Times StaffThe Congressional Budget Office warned earlier this month that the U.S. will start running $1 trillion deficits in 2020, and that the national debt will be nearly as large as the economy in a decade...
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Chart of the Day: Despite Trump's Tax Cuts, GDP Expectations Sag
By The Fiscal Times StaffThe Commerce Department is scheduled to issue its advance estimate of first-quarter GDP on Friday, and the report is widely expected to show economic growth slowed over the first few months of the...
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The Biggest Winners from the ‘Small Business’ Tax Cuts
By Michael RaineyRepublicans insisted that their tax cuts on pass-through entities were meant to reduce the tax burden on small businesses and thus spur job creation. But updated estimates from the Joint Committee on...
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Tax Cuts Take a Toll on State and Local Public Servants
By Michael RaineyTeachers in Arizona have announced they will go on strike this week, joining educators in Oklahoma, West Virginia and Kentucky protesting low wages and insufficient school funding in their states...
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Have the Trump Tax Cuts Flopped?
By Michael RaineySunday marks four months since President Trump signed the Republican tax overhaul into law. So it surprised us just a bit to see economist Andrew Hunter of Capital Economics already asking: “Have the...
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Could Another Round of Tax Cuts Backfire on Republicans?
Republicans face a dilemma in their quest to pass another massive tax cut ahead of November’s midterm elections. Party leaders have pledged to make permanent individual tax cuts in the tax overhaul...
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Why the Trump Tariffs Could Cost More Jobs Than They Save
By Michael RaineyThe tariffs President Trump announced – including a 25 percent levy on steel imports, with some notable exemptions – are meant to protect American jobs, but analysts at the Federal Reserve Bank of...
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Banks Score Big from New Tax Law: $2.5 Billion in One Quarter
By The Fiscal Times StaffThe Wall Street Journal’s Michael Rapoport reports : “Overall, the combined earnings of Goldman and the four major national banks — JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and...
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The GOP Tax Message May Have Backfired in Pennsylvania
By Michael RaineyRepublicans were banking on their $1.5 trillion tax cut to give them a boost in the 2018 elections, but that isn’t how Tuesday’s special election in Pennsylvania's deep-red 18th congressional...
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Global Economy Is Booming, but Beware ‘Excessively Pro-Cyclical’ Policies
By Michael RaineyThe Organization for Economic Cooperation and Development is feeling pretty optimistic these days, saying Tuesday that global growth continues to strengthen this year and next, with investment and...
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The Old Will Outnumber the Young in the US by 2035
By The Fiscal Times StaffBy 2030, all Baby Boomers will be older than 65, meaning that one in five U.S. residents will be of retirement age, the Census Bureau reports . And by 2035, seniors will outnumber children for the...
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Monthly Deficit Hits a 6-Year High
By Michael RaineyThe federal government’s budget deficit rose to $215 billion in February, the largest monthly deficit since 2012. The shortfall was driven by both higher spending and lower revenues. Government...
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Are Wages Increasing in the Wake of the Tax Cuts?
By The Fiscal Times StaffAre wage gains picking up or just puttering along? According to Ben Casselman of the The New York Times, that’s a hard a hard question to answer, due in large part to poor quality data that that is...
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