The proposed budget for fiscal 2025, as outlined by the White House, aims to slash the federal deficit by approximately $3 trillion over a decade primarily through increased taxation on the wealthiest Americans and corporate entities. Additionally, the budget seeks to tighten regulations on corporate...
At the same time, the Trump administration wants to extend his 2017 Tax Cuts & Jobs Act (TCJA), an effort the nonpartisan Congressional Budget Officehas projectedcould add $4.6 trillion to the federal deficit over the next decade. Trump has vowed that his tariffs would rais...
The pandemic is responsible for some of that, with the annual budget deficit topping $3 trillion in 2020 during the last year of Trump's first term. The deficit was $2.77 trillion in fiscal 2021 because of additional pandemic aid, but it never returned to pre-pandemic l...
“It’s impossible to bring the whole of Central America and Mexico into this country,” he said. Another area where Morales faults Biden, albeit mildly, is the war with Ukraine. “We are spending a lot of money going to the Ukraine and all that is going to the deficit,” Morales...
applied a definition of currency manipulation that neither the IMF nor the Department of the Treasury would accept, defining it as trade value over $25 billion and trade deficit of more than 3 percent of GDP. On "forced" transfer of technology, that was sensationalized or even...
Donald Trump suffered from attention deficit disorder during his years in the White House. The Washington Post has a report by Jeanne Whalen about Foxconn, which Trump gushed about during his time in the White House. A 30-minute drive from…Milwaukee stands a mysterious glass globe that has ...
It’s true that two of the main drug price provisions in theInflation Reduction Act,which Democrats pushed through Congress in 2022, are expected to reduce the deficit by $160 billion, according to the nonpartisan Congressional Budget Office. In total, the law’s drug measures are expected to...
“Our trade deficit with China is down to the lowest point in over a decade,” Biden said. “We’re standing up against China’s unfair economic practices.” Facts First: What Biden said is true but needs context. The US trade deficit with China in 2023 was $279 billion, the US Com...
In his State of the Union address, President Joe Biden said that the gap between the amount of goods the US imports from China and the amount it exports to China was the narrowest in more than 10 years. “Our trade deficit with China is down to the lowest point in over a decade,”...
Biden also took aim at the Trump administration for undercutting financial watchdogs, saying: “The previous Administration not only ballooned the deficit with those tax cuts for the very wealthy and corporations, it undermined the watchdogs. The job of those it was to keep pandemic relief funds...