Tag: Federal Budget (US)

Despite Deficit Worries, Senate Gives Final Approval to Spending Increases

WASHINGTON — The Senate gave final approval on Thursday to a two-year budget deal that would raise federal spending by hundreds of billions of dollars and allow the government to continue borrowing money, sending the measure to President Trump for his expected signature. Barely half of the Republican majority joined almost all of the Democrats […]

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Why Rate Cuts Don’t Help Much Anymore

Now that it has finally happened, don’t expect the Federal Reserve’s long-awaited rate cut to make all that much of a difference for the economy. In the weeks leading up to Wednesday’s decision to cut the benchmark Fed funds rate by 0.25 points to 2.25 percent, the stock market seemed to leap whenever Jerome H. […]

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Divided House Passes 2-Year Budget Deal to Raise Spending

WASHINGTON — A divided House on Thursday passed a two-year budget deal that would raise spending by hundreds of billions of dollars over existing caps and allow the government to keep borrowing to cover its debts, amid grumbling from fiscal conservatives over the measure’s effect on the federal deficit. Only 65 Republicans joined the Democratic […]

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Get Rid of the Debt Ceiling

The tentative deal announced on Monday to increase the total amount the federal government can borrow is necessary, but it shouldn’t be. Congress already has decided how much money the government can spend, and how much it can raise in taxes. Since the taxes don’t come close to covering the spending, there are only two […]

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Tentative Federal Budget Would Raise Spending by $320 Billion

WASHINGTON — White House officials and congressional lawmakers are nearing a deal that would boost government spending levels over the next two years and raise the federal borrowing limit. If passed by Congress and signed by President Trump, it would avert a default crisis this fall and avoid automatic spending cuts next year. The agreement […]

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Foreign-Owned Banks’ Results Could Sweeten Further Under Tax Law

WASHINGTON — President Trump’s tax cuts have been very good to big banks. For foreign-owned banks, they could get even better. The cuts allowed America’s largest banks to save an estimated $16 billion collectively in taxes last year, a windfall that helped those firms reward shareholders through stock buybacks and dividend payments. The savings flowed […]

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As Congress Seeks Budget Deal, Negotiators Try to Sideline Mulvaney

WASHINGTON — As the federal government inches closer toward a potentially disastrous default on its debts, lawmakers and some Trump administration officials desperate for a budget deal have carefully maneuvered negotiations away from the man who has emerged as the common enemy: Mick Mulvaney, the acting White House chief of staff. Mr. Mulvaney made his […]

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A Key Piece of Obamacare Finds an Unlikely Foe: House Democrats

WASHINGTON — In the heat of the legislative fight over the Affordable Care Act, officials in the Obama administration argued that a steep tax on high-cost, generous health insurance plans would hold down soaring health care costs by persuading more Americans to use the health care system only when necessary. Democrats swallowed hard and included […]

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Trump Redoubles Attacks on Fed Chair, Saying ‘I Made Him’

A day after Federal Reserve Chair Jerome H. Powell asserted his independence from the White House, President Trump lashed out, suggesting that nobody had heard of Mr. Powell until Mr. Trump tapped him to run the Fed and implying that the head of Europe’s central bank was making better decisions. “Here’s a guy, nobody ever […]

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Notes on Excessive Wealth Disorder

In a couple of days I’m going to be participating in an Economic Policy Institute conference on “excessive wealth disorder” — the problems and dangers created by extreme concentration of income and wealth at the top. I’ve been asked to give a short talk at the beginning of the conference, focusing on the political and […]

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Social Security Is Staring at Its First Real Shortfall in Decades

A slow-moving crisis is approaching for Social Security, threatening to undermine a central pillar in the retirement of tens of millions of Americans. Next year, for the first time since 1982, the program must start drawing down its assets in order to pay retirees all of the benefits they have been promised, according to the […]

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What if Congress Were in Charge, Not Trump?

The House speaker, Nancy Pelosi, was recently asked if Congress sees itself as the equal of the presidency in sharp conflicts between the legislative and executive branches. “I think we’re a superior branch,” Ms. Pelosi answered. This drew rebukes from, among others, Rudy Giuliani, who tweeted, “Thank you for the help in convincing a court […]

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Congress Reconvenes Facing a Critical Mission: Avoid Fiscal Calamity

WASHINGTON — Averting a potentially devastating default on the nation’s debt, preventing more than $100 billion in automatic spending cuts and keeping the government fully funded would be major tasks in any Congress. In this one, they may be herculean. As lawmakers return to Washington on Monday, they confront a gantlet of fiscal deadlines, and […]

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A ‘Bridge’ to China, and Her Family’s Business, in the Trump Cabinet

The email arrived in Washington before dawn. An official at the American Embassy in Beijing was urgently seeking advice from the State Department about an “ethics question.” “I am writing you because Mission China is in the midst of preparing for a visit from Department of Transportation Secretary Elaine Chao,” the official wrote in October […]

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Fact-Checking Bernie Sanders on the Campaign Trail

Senator Bernie Sanders, second only to former Vice President Joseph R. Biden Jr. in the polls, is seeking to build on the momentum from his 2016 presidential run and shore up support among the left. On the campaign trail, Mr. Sanders often reminds rallygoers that many positions popular among Democratic candidates today were viewed as […]

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