Thanks to the past eight years of Trump/Biden profligacy, fiscal balance now requires that spending only grow 1.33 percent annually. The bottom line, as I stated at the start of the video, is that good tax policy is impossible in the long run without good spending policy. A spending cap ...
Total relief spending under Biden and former President Donald Trump hit $6 trillion earlier this year, or roughly 27.1% of the nation's GDP, according to a COVIDmoney trackerpublished by the Committee for a Responsible Federal Budget, a nonpartisan organization based in Washington. ...
Expansionary fiscal policy involves increased spending or tax cuts to stimulate demand and counter recessions, potentially leading to budget deficits. Contractionary fiscal policy involves reduced spending or increased taxes to control inflation, possibly leading to budget surpluses. Sponsored Trade on the ...
Far from learning from Trump’s follies in fighting a trade war, President Biden’s administration continues with it, admittedly less aggressively. Trump and his trade advisers wrongly believed that they could bring China to heel over trade. But as will be seen from this article, the US trade...
Biden’s 2022 State of the Union report card: Where he delivered — and fell flat By MYAH WARD 02/07/2023 04:30 AM EST California Newsom lays out spending cuts as California budget swings from surplus to deficit By JEREMY B. WHITE 01/10/2023 01:44 PM EST Updated 01/10/2023 02:57...
The Biden administration spent $6.28 trillion in FY22. And there is more spending coming down the pike. The US government is still handing out COVID stimulus and it wants more. Congress recently pushed throughanother massive spending bill. Meanwhile, the US continues to shower money on Ukraine...
21, 2024: This afternoon, President Joe Biden signed the last-minute funding bill to keep the federal government operational through March 14, 2025. The U.S. Senate approved the slimmed-down bill in the very early morning hours today, following House passage Friday evening. Although the final...
In 2024, the federal deficit reached $1.83 trillion in the final full year of President Joe Biden’s term. According to the U.S.Department of the Treasury, the deficit was the result of $6.75 trillion in spending vs. $4.92 trillion in revenue.1 ...
Padilla also made a case that the administration could consider not paying for parts of the infrastructure and jobs plan — echoing the view of some other Democrats — although other attendees and people briefed on the meeting said Biden didn’t appear too keen on deficit financing. ...
” said Nancy Vaden Houten, U.S. economist at Oxford Economics. She said the deficit might be adjusted lower when Treasury accounts for the Supreme Court’s decision to strike down the Biden administration’s student-loan forgiveness program, which will reduce spending in 2023 by about $300 ...