Analysis Deems Biden’s Climate and Tax Bill Fiscally Responsible

Despite Republican claims, the new legislation would be only a modest corporate tax increase, Congress’s Joint Committee on Taxation found.

#alternative-and-renewable-energy, #congressional-budget-office, #corporate-taxes, #drugs-pharmaceuticals, #federal-budget-us, #global-warming, #income-tax, #inflation-economics, #inflation-reduction-act-of-2022, #internal-revenue-service, #joint-committee-on-taxation, #law-and-legislation, #national-debt-us, #senate-committee-on-finance, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #tax-evasion, #united-states-economy, #united-states-politics-and-government

U.S. National Debt Tops $30 Trillion as Borrowing Surged Amid Pandemic

The record red ink, fueled by spending to combat the coronavirus, comes as interest rates are expected to rise, which could add to America’s costs.

#biden-joseph-r-jr, #congressional-budget-office, #coronavirus-2019-ncov, #federal-budget-us, #inflation-economics, #national-debt-us, #united-states-economy, #united-states-politics-and-government

We Must Stop Showering the Military With Money

America faces lots of challenges. A blank check for the Pentagon doesn’t help solve them.

#afghanistan-war-2001, #congressional-budget-office, #federal-budget-us, #law-and-legislation, #project-on-government-oversight, #united-states-defense-and-military-forces, #united-states-politics-and-government

What We Lose if We Don’t Build Back Better

Manchin’s justifications for his betrayal won’t wash.

#american-families-plan-2021, #congressional-budget-office, #federal-budget-us, #inflation-economics, #manchin-joe-iii, #national-debt-us

Debt Ceiling Window is Narrowing, Bipartisan Policy Center Warns

The U.S. could default as soon as Dec. 21 if Democrats and Republicans fail to extend the Treasury Department’s borrowing authority.

#bipartisan-policy-center, #congressional-budget-office, #house-of-representatives, #national-debt-us, #senate, #united-states-politics-and-government, #yellen-janet-l

House Narrowly Passes Biden’s Social Safety Net and Climate Bill

The vote was months in the making for the roughly $2 trillion measure, one of the most consequential bills in decades. Now it faces a difficult path in the Senate.

#american-families-plan-2021, #biden-joseph-r-jr, #child-care, #congressional-budget-office, #corporate-taxes, #democratic-party, #federal-taxes-us, #health-insurance-and-managed-care, #house-of-representatives, #immigration-and-emigration, #law-and-legislation, #mccarthy-kevin-1965, #medicare, #national-debt-us, #pelosi-nancy, #tax-credits-deductions-and-exemptions, #united-states-economy, #united-states-politics-and-government

C.B.O. Finds Biden’s Spending Bill Not Fully Paid For

The White House and Congressional Budget Office are at odds over how much revenue the Internal Revenue Service could recoup from tax cheats.

#american-families-plan-2021, #american-jobs-plan-2021, #congressional-budget-office, #democratic-party, #federal-budget-us, #federal-taxes-us, #house-of-representatives, #internal-revenue-service, #tax-evasion, #united-states-politics-and-government

How Revenue for Biden’s Social Policy Bill Depends on the I.R.S.

The head of the Congressional Budget Office said on Monday that beefed-up tax enforcement would raise far less money than the White House projected.

#biden-joseph-r-jr, #congressional-budget-office, #debt-collection, #federal-budget-us, #federal-taxes-us, #internal-revenue-service, #rettig-charles-p, #tax-evasion, #taxation, #treasury-department, #united-states-politics-and-government

Facing Moderate Revolt, Democrats Put Social Policy Bill on Hold

Leaders pressed for a vote on a separate infrastructure bill, but the fate of both measures was in doubt amid party divisions, despite pleas from President Biden.

#american-jobs-plan-2021, #biden-joseph-r-jr, #child-care, #congressional-budget-office, #democratic-party, #drugs-pharmaceuticals, #education-pre-school, #global-warming, #health-insurance-and-managed-care, #house-of-representatives, #infrastructure-public-works, #jayapal-pramila, #law-and-legislation, #paid-time-off, #pelosi-nancy, #taxation, #united-states-politics-and-government

2,000 Pages and Pronto! Budget Scorekeepers Are Under Pressure

Lawmakers want detailed estimates on the effects of the big Democratic bill, but that can take longer than they think, slowing the process.

#congressional-budget-office, #federal-budget-us, #holtz-eakin-douglas, #law-and-legislation, #united-states-economy, #united-states-politics-and-government

Missing Foreign Workers Add to Hiring Challenges

Fewer foreign people have been able to work in the U.S. amid the coronavirus, leaving a hole in the potential labor force.

#biden-joseph-r-jr, #congressional-budget-office, #foreign-workers, #goldman-sachs-group-inc, #immigration-and-emigration, #labor-and-jobs, #state-department, #trump-donald-j, #united-states-economy, #visas, #wages-and-salaries

It’s Not Really a ‘$3.5 Trillion’ Bill

The fiscal impact of the Biden spending plan would be smaller than that figure suggests.

#budgets-and-budgeting, #center-on-budget-and-policy-priorities, #congressional-budget-office, #federal-budget-us, #federal-taxes-us, #internal-sub-only, #taxation

Scoring Biden’s ‘Care Economy’ Plan

If human capital is an asset, how should Congress measure the payoff?

#affordable-housing, #american-rescue-plan-2021, #biden-joseph-r-jr, #child-care, #congressional-budget-office, #infrastructure-public-works, #internal-sub-only, #united-states-economy

U.S. Deficit Expected to Hit $3 Trillion in 2021, Budget Office Says

Stimulus spending will help fuel economic growth and erase pandemic job losses, according to a new report from the Congressional Budget Office.

#biden-joseph-r-jr, #congressional-budget-office, #coronavirus-2019-ncov, #federal-budget-us, #inflation-economics, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

House Votes to Avert Deep Medicare Cuts to Pay for $1.9 Trillion Stimulus Plan

The measure is likely to become the subject of negotiations later in the year over government spending and debt.

#american-rescue-plan-2021, #congressional-budget-office, #coronavirus-2019-ncov, #federal-budget-us, #house-of-representatives, #medicare, #national-debt-us, #stimulus-economic, #united-states-politics-and-government

New Stimulus Package Brings Big Benefits to the Middle Class

Be it child care or health care, an array of tax changes and subsidies makes the $1.9 trillion relief legislation more than a lifeline for the poor.

#american-rescue-plan-2021, #biden-joseph-r-jr, #committee-for-a-responsible-federal-budget, #congressional-budget-office, #coronavirus-2019-ncov, #democratic-party, #patient-protection-and-affordable-care-act-2010, #stimulus-economic, #tax-policy-center, #united-states-economy

Democrats Push to Borrow More Money as Deficit Is Set to Shrink Slightly in 2021

Top Democrats and some of President Biden’s advisers are considering borrowing money to fund a sweeping infrastructure package as the nation’s fiscal situation improves more rapidly than expected.

#biden-joseph-r-jr, #congressional-budget-office, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-budget-us, #federal-reserve-system, #house-committee-on-ways-and-means, #house-of-representatives, #neal-richard-e, #pelosi-nancy, #powell-jerome-h, #schumer-charles-e, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

Minimum Wage Hike Would Help Poverty but Cost Jobs, Budget Office Says

The Congressional Budget Office said raising the federal minimum wage to $15 would also increase the deficit, potentially helping the proposal’s prospects of being included in relief legislation.

#congressional-budget-office, #federal-budget-us, #income-inequality, #labor-and-jobs, #layoffs-and-job-reductions, #minimum-wage, #poverty, #sanders-bernard, #stimulus-economic, #united-states-economy, #united-states-politics-and-government, #wages-and-salaries

Fighting Covid Is Like Fighting a War

Why Biden needs to go big and ignore the worriers.

#biden-joseph-r-jr, #committee-for-a-responsible-federal-budget, #congressional-budget-office, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-reserve-system, #polls-and-public-opinion, #recession-and-depression, #stimulus-economic, #summers-lawrence-h, #united-states-economy

Biden’s Stimulus Plan Is Right to Go Big

This could be the moment of social repair.

#biden-joseph-r-jr, #congressional-budget-office, #coronavirus-2019-ncov, #democratic-party, #house-of-representatives, #republican-party, #senate, #united-states-economy, #united-states-politics-and-government

U.S. Economy Is Healing, but Budget Office Says Workers Have a Long Way to Go

New projections from the independent Congressional Budget Office fuel Republicans’ calls for “targeted” economic aid — and Democrats’ push to go big.

#biden-joseph-r-jr, #congressional-budget-office, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-budget-us, #labor-and-jobs, #stimulus-economic, #unemployment, #united-states-economy, #united-states-politics-and-government

The Economy Is Improving Faster Than Expected, the U.S. Budget Office Says

Large sectors of the economy are adapting to the pandemic better than originally expected, and December’s economic aid package helped to increase growth, adding another twist to stimulus talks.

#congressional-budget-office, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #united-states-economy

Pandemic Rescue: It’s ‘And’ Not ‘Or’

Why you shouldn’t nitpick over the details.

#biden-joseph-r-jr, #congressional-budget-office, #coronavirus-2019-ncov, #democratic-party, #federal-budget-us, #federal-reserve-system, #inflation-economics, #national-debt-us, #stimulus-economic, #summers-lawrence-h, #united-states-economy, #united-states-politics-and-government

We Can Improve Health Care. It Just Takes Compromise.

Here are three ideas to expand coverage and control costs that Democrats and Republicans could agree on.

#biden-joseph-r-jr, #congressional-budget-office, #democratic-party, #health-insurance-and-managed-care, #patient-protection-and-affordable-care-act-2010, #republican-party, #united-states

Republicans, Not Biden, Are About to Raise Your Taxes

People making from $10,000 and $30,000 — nearly one-quarter of Americans — are among millions slated to pay more in 2021.

#congressional-budget-office, #joint-committee-on-taxation, #tax-cuts-and-jobs-act-2017, #zandi-mark

The American Dream Is Tax Reform’s Biggest Obstacle

The federal tax code aligns the interests of the middle class with the ultrawealthy. But the alliance may be breaking up.

#congressional-budget-office, #income-tax, #tax-credits-deductions-and-exemptions, #trump-tax-returns, #trump-donald-j, #welfare-us

Federal Borrowing Amid Pandemic Puts U.S. Debt on Path to Exceed World War II

Federal debt, as a share of the economy, hit 98 percent in the 2020 fiscal year. Many economists are pushing lawmakers to add even more to it.

#congressional-budget-office, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-budget-us, #national-debt-us, #presidential-election-of-2020, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

We Just Crossed the Line Debt Hawks Warned Us About for Decades

The country’s debt now exceeds the size of its gross domestic product. For decades, this was considered a doomsday scenario that would wreck the economy. So far, that hasn’t happened.

#congressional-budget-office, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-reserve-system, #government-bonds, #gross-domestic-product, #interest-rates, #national-debt-us, #united-states-economy, #united-states-politics-and-government

Ben Bernanke: Give States Billions, and You Help the Entire Country

Congress must act decisively to avoid repeating mistakes of the recovery from the Great Recession.

#budgets-and-budgeting, #congressional-budget-office, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #house-of-representatives, #layoffs-and-job-reductions, #new-jersey, #senate, #united-states-economy

With Jobless Benefits Set to Lapse, Congress Is at Odds Over an Extension

While some lawmakers want to continue substantial aid for millions of unemployed workers, others are concerned that the money is holding back a recovery that depends on employees returning to work.

#congressional-budget-office, #coronavirus-aid-relief-and-economic-security-act-2020, #democratic-party, #labor-and-jobs, #republican-party, #senate-committee-on-finance, #united-states-economy

When Do Unemployment Benefits Lapse? Congress Is at Odds Over an Extension

While some lawmakers want to continue substantial aid for millions of unemployed workers, others are concerned that the money is holding back a recovery that depends on employees returning to work.

#congressional-budget-office, #coronavirus-aid-relief-and-economic-security-act-2020, #democratic-party, #labor-and-jobs, #republican-party, #senate-committee-on-finance, #united-states-economy

Mark Zuckerberg’s Biggest Challenge Yet

The Facebook founder is dealing with an employee revolt over the company’s position to allow inflammatory posts from President Trump on its platform.

#congressional-budget-office, #coronavirus-reopenings, #facebook-inc, #frazier-kenneth-c, #george-floyd-protests-2020, #musk-elon, #nordstrom-inc, #social-media, #tesla-motors-inc