annual U.S. military expenditure has topped $800 billion each year, constituting approximately half of discretionary spending of the federal government.
House of Representatives began debating the first of 12 fiscal 2024 spending bills on Wednesday, as lawmakers edged toward a looming showdown with the Democratic-led Senate that could trigger a government shutdown this autumn. The House voted 217-206, roughly along party lines, to adopt a...
Trump said Musk had been “terrific” and a “great help” in scouring the federal government for possible spending cuts so far. He indicated that the defence department, which has an annual budget of about $800bn, would be next in the billionaire’s sights. ...
The government’s report Thursday was its first of three estimates of growth last quarter; the figure will be revised twice in the coming weeks. The report showed that consumer spending, which accounts for about 70% of the economy, slowed sharply last quarter to a 2.5% annual gain from a ...
The federal budget is the government's estimate of revenue and spending for each fiscal year. Like a family budget, the federal budget itemizes the expenditure of public funds for the upcoming fiscal year. The federal government's fiscal year begins each October. Learn More Federal Open Market...
Higher borrowing rates, a consequence of the Federal Reserve’s series of rate hikes, clobbered home construction, which shrank at a 14% annual rate. Government spending dropped, too. The report comes at a critical time. Consumers and businesses have been struggling under the weight of punishing...
Q4 rose at an annual rate of 3.6%. This brought the increase in federal government spending for the entire year 2019 to 3.5%. Defense spending surged 4.9% in 2019. Nondefense spending inched up only 1.6%. We’ll get to the debt that this federal government spending produced in a moment...
This category includes consumer spending and private investment but excludes volatile items like exports, inventories and government spending. "Today’s GDP report shows how far we’ve come since I took office—from the worst economic crisis since the Great Depression to the strongest ...
The golden rule that goes deep into ancient history has a more modern incarnation—the golden rule of government spending. This concept believes that future generations shouldn't be burdened with debt incurred by governments for current-day expenditures that long predate them. Instead, it decrees, ...
Michael Bennet delayed the Senate’s consideration of the short-term spending bill over concerns about the funding. “In the coming weeks, we expect the Senate will work to ensure the U.S. government continues to provide critical and sustained security and economic support for Ukraine,” it ...