Tag: Federal Budget (US)

Senate Fails to Override Trump’s Veto, Keeping Border Emergency in Place

WASHINGTON — The Senate on Thursday failed to overturn President Trump’s veto of a resolution that would have terminated the national emergency he declared at the southwestern border. The defeat allows Mr. Trump to continue to defy Congress and divert federal funds to the construction of a border wall, his signature campaign promise. The override […]

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Congress Gives Final Approval to Spending Measure That Would Stave Off Shutdown

Congress on Thursday gave final approval to a short-term spending bill that would punt the threat of a government shutdown to just before Thanksgiving, giving lawmakers an additional two months to resolve their differences over paying for President Trump’s policies. The measure ensures that all federal agencies and departments, as well as a number of […]

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House Approves Short-Term Spending Bill That Would Stave Off Shutdown

WASHINGTON — The House on Thursday approved a short-term spending bill that would stave off a government shutdown until just before Thanksgiving, allowing lawmakers additional time to resolve disputes over annual spending legislation without a funding lapse. The spending bill would extend funding through Nov. 21 not only for all federal government departments and agencies, […]

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Treasury Considers 50-Year Bonds as Deficit Tops $1 Trillion

WASHINGTON — The Trump administration may begin issuing 50-year “ultralong” bonds next year as the government seeks new ways to finance ballooning deficits and tries to take advantage of low interest rates. Treasury Secretary Steven Mnuchin said on Thursday that he had been studying whether there was sufficient market demand for a 50-year bond, which […]

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Fake Invasion, Real Defense Cuts

President Trump often boasts about his enthusiasm for robust Pentagon spending — now at more than $700 billion annually — and argues it should be even higher in the future. Yet he seemed quite comfortable this week desperately raiding the defense budget for the second time to deliver on his thwarted campaign promise to build […]

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The Tea Party Didn’t Get What It Wanted, but It Did Unleash the Politics of Anger

In the late summer of 2009, as the recession-ravaged economy bled half a million jobs a month, the country seemed to lose its mind. Lawmakers accustomed to scheduling town hall meetings where no one would show up suddenly faced shouting crowds of hundreds, some of whom brought a holstered pistol or a rifle slung over […]

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Trump Administration Drops Proposal to Cut Foreign Aid After Intense Debate

WASHINGTON — President Trump on Thursday rejected a proposal from budget hawks in the administration to curb foreign aid spending after objections from Secretary of State Mike Pompeo and lawmakers from both parties, officials briefed on the decision said. The White House’s Office of Management and Budget, which since 2017 has been led by Mick […]

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Deficit Will Reach $1 Trillion Next Year, Budget Office Predicts

WASHINGTON — The federal budget deficit is growing faster than expected, even as President Trump openly considers more tax cuts and other ideas that would add to government debt. The deficit will reach $960 billion for the 2019 fiscal year, which ends Sept. 30, and $1 trillion for the 2020 fiscal year, the Congressional Budget […]

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Putting a Positive Spin on Oil Exploration in the Arctic Refuge

When the Trump administration first pushed to open the Arctic National Wildlife Refuge in Alaska to oil exploration, it predicted that drilling would generate a windfall for the federal Treasury: $1.8 billion, by a White House estimate. But two years later, with the expected sale of the first oil and gas leases just months away, […]

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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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