Biden and McCarthy Are on a Collision Course in a Divided Government

The president and House speaker need each other to govern, but a messaging battle has replaced functional legislating as the two spar over the budget and federal debt limit.

#biden-joseph-r-jr, #federal-budget-us, #house-of-representatives, #mccarthy-kevin-1965, #national-debt-us, #presidents-and-presidency-us, #republican-party, #united-states-politics-and-government

In Budget Talks, Biden Rejects Hard Choices of the Past

The president has met Republican demands for debt reduction with a plan to trim deficits by taxing companies and the rich.

#biden-joseph-r-jr, #corporate-taxes, #economic-conditions-and-trends, #federal-budget-us, #national-debt-us, #obama-barack, #united-states-economy, #united-states-politics-and-government

Budget Wars: This Time Is Different

Biden is making sense. Republicans aren’t.

#federal-budget-us, #high-net-worth-individuals, #national-debt-us, #republican-party, #taxation

Biden’s $6.8 Trillion Budget Proposes New Social Programs and Higher Taxes

The president proposed trillions of dollars in new spending that has no chance of passing a Republican House, even as he sought to reduce deficits by raising taxes on business and the rich

#biden-joseph-r-jr, #federal-budget-us, #high-net-worth-individuals, #national-debt-us, #tax-credits-deductions-and-exemptions, #taxation, #united-states-economy, #united-states-politics-and-government

Biden Will Release Dead-on-Arrival Budget, Picking Fight With GOP

The president’s plans have little in common with the budget Republicans are set to release this spring, as the nation hurtles toward a possible default on its debt.

#biden-joseph-r-jr, #congressional-budget-office, #federal-budget-us, #federal-reserve-system, #house-of-representatives, #mccarthy-kevin-1965, #mcconnell-mitch, #national-debt-us, #powell-jerome-h, #republican-party, #united-states-economy, #united-states-politics-and-government

Here’s What the Fed Chair Said This Week, and Why It Matters

Jerome H. Powell, the Fed chair, opened the door to a more aggressive policy path — but emphasized that it depended on incoming data.

#banking-and-financial-institutions, #federal-reserve-system, #inflation-economics, #interest-rates, #national-debt-us, #powell-jerome-h, #united-states-economy, #warren-elizabeth

Biden Is Set to Detail $3 Trillion in Measures to Reduce Deficits

The president’s proposals, included in the budget he will release on Thursday, are expected to heavily feature tax increases on corporations and high earners.

#biden-joseph-r-jr, #committee-for-a-responsible-federal-budget, #congressional-budget-office, #federal-budget-us, #health-insurance-and-managed-care, #inflation-reduction-act-of-2022, #national-debt-us, #united-states-economy, #united-states-politics-and-government

Biden Is Set to Detail at Least $2 Trillion in Measures to Reduce Deficits

The president’s proposals, included in the budget he will release on Thursday, are expected to heavily feature tax increases on corporations and high earners.

#biden-joseph-r-jr, #committee-for-a-responsible-federal-budget, #congressional-budget-office, #federal-budget-us, #health-insurance-and-managed-care, #inflation-reduction-act-of-2022, #national-debt-us, #united-states-economy, #united-states-politics-and-government

House Republicans Prepare to Slash Spending in Budget Showdown

With Social Security and Medicare off the table, conservatives are focusing on a wide range of smaller programs as a clash with President Biden and Democrats looms.

#arrington-jodey, #biden-joseph-r-jr, #defense-department, #education-k-12, #federal-budget-us, #food-stamps, #foreign-aid, #health-insurance-and-managed-care, #house-committee-on-the-budget, #house-of-representatives, #mccarthy-kevin-1965, #medicaid, #national-debt-us, #republican-party, #social-security-us, #united-states-politics-and-government, #vought-russell-t, #welfare-us

Debt Default Would Cripple U.S. Economy, New Analysis Warns

As President Biden prepares to release his latest budget proposal, a top economist will warn lawmakers that Republicans’ refusal to raise the nation’s borrowing cap could put millions out of work.

#economic-conditions-and-trends, #federal-budget-us, #house-of-representatives, #labor-and-jobs, #moodys-corporation, #national-debt-us, #recession-and-depression, #republican-party, #senate-committee-on-banking, #united-states-economy, #united-states-politics-and-government

Republican Votes Helped Washington Pile Up Debt

As they escalate a debt-limit standoff, House Republicans blame President Biden’s spending bills for an increase in deficits. Voting records show otherwise.

#american-jobs-plan-2021, #federal-budget-us, #law-and-legislation, #national-debt-us, #united-states-politics-and-government

IRS Decision Not to Tax Certain Payments Carries Fiscal Cost

The Biden administration has opted not to tax state payments to residents, a decision that could add to the nation’s fiscal woes.

#american-rescue-plan-2021, #biden-joseph-r-jr, #federal-budget-us, #internal-revenue-service, #national-debt-us, #politics-and-government, #rebates-and-refunds, #states-us, #tax-credits-deductions-and-exemptions, #taxation, #united-states-economy

U.S. Could Default on Debt as Early as Summer, New Estimate Says

The Bipartisan Policy Center said the nation could run out of cash this summer or early fall if Congress did not raise the debt limit.

#biden-joseph-r-jr, #bipartisan-policy-center, #federal-budget-us, #national-debt-us, #treasury-department, #united-states-politics-and-government, #yellen-janet-l

Biden’s Promises on Social Security and Medicare Have No Basis in Reality

President Biden’s pledges in his State of the Union speech are almost certainly economically impossible.

#biden-joseph-r-jr, #congressional-budget-office, #elderly, #federal-budget-us, #health-insurance-and-managed-care, #medicare, #national-debt-us, #social-security-us, #state-of-the-union-tv-program, #state-of-the-union-message-us, #united-states-economy, #united-states-politics-and-government

Burn Pit Program for Veterans Could Cost at Least $400 Billion, Agency Finds

In a report reviewing the nation’s budget outlook, Congress’s nonpartisan scorekeeper estimated that a veterans health program created last year would swell the federal deficit.

#congressional-budget-office, #federal-budget-us, #hazardous-and-toxic-substances, #health-insurance-and-managed-care, #law-and-legislation, #national-debt-us, #united-states-defense-and-military-forces, #veterans, #veterans-affairs-department, #waste-materials-and-disposal

U.S. on Track to Add $19 Trillion in New Debt Over 10 Years

Congressional Budget Office projections released on Wednesday suggested rising interest rates and bipartisan spending bills are adding to deficits, amid a partisan fight on fiscal policy.

#federal-budget-us, #inflation-economics, #law-and-legislation, #national-debt-us, #stimulus-economic, #tax-credits-deductions-and-exemptions, #united-states-economy, #united-states-politics-and-government, #veterans

U.S. Could Default on Its Debt Between July and September, C.B.O. Says

The nonpartisan budget office also said that if tax receipts fall short of projections, and Congress fails to act on the debt limit, the U.S. could run out of cash before July.

#congressional-budget-office, #economic-conditions-and-trends, #national-debt-us, #treasury-department, #united-states-politics-and-government, #yellen-janet-l

As Lawmakers Spar Over Social Security, Its Costs Are Rising Fast

New budget projections are expected to show that the program’s spending is outpacing tax revenues as an aging population claims benefits.

#congressional-budget-office, #medicare, #national-debt-us, #politics-and-government, #republican-party, #retirement, #social-security-us, #united-states-politics-and-government

Biden Heads to Florida With a Fresh Political Foil in House Republicans

President Biden plans to use his visit to the University of Tampa to warn about what he says are Republican proposals to cut Medicare and Social Security.

#biden-joseph-r-jr, #house-of-representatives, #medicare, #national-debt-us, #presidential-election-of-2024, #republican-party, #social-security-us, #state-of-the-union-message-us, #united-states-politics-and-government

Politicians Everywhere All at Once

It’s a big week in Washington.

#academy-awards-oscars, #biden-joseph-r-jr, #democratic-party, #desantis-ron, #federal-budget-us, #haley-nikki-r, #harris-kamala-d, #house-of-representatives, #national-debt-us, #presidential-election-of-2020, #presidential-election-of-2024, #republican-party, #senate, #state-of-the-union-message-us, #trump-donald-j, #united-states-politics-and-government, #vice-presidents-and-vice-presidency-us

Republicans and Debt: Blackmailers Without a Cause

Why this debt ceiling crisis is different from the last one.

#federal-budget-us, #house-of-representatives, #medicaid, #medicare, #national-debt-us, #republican-party, #social-security-us, #united-states-politics-and-government

Assessing Political Spin in the Debt Ceiling Fight

Republicans have wrongly suggested that President Biden and his party are solely responsible for the situation, while Democrats have overstated former President Donald J. Trump’s role.

#committee-for-a-responsible-federal-budget, #congressional-budget-office, #federal-budget-us, #house-of-representatives, #mccarthy-kevin-1965, #national-debt-us, #trump-donald-j, #united-states-politics-and-government

Biden and McCarthy Are Set to Discuss Debt Limit as Both Sides Trade Barbs

The hours leading up to the meeting have highlighted the differences between the White House and the Republicans who now control the House.

#biden-joseph-r-jr, #federal-budget-us, #house-of-representatives, #mccarthy-kevin-1965, #national-debt-us, #republican-party, #united-states-economy, #united-states-politics-and-government

Biden Demands Details on Budget Cuts From McCarthy

Ahead of a meeting at the White House on Wednesday, administration officials demanded that Republicans commit to avoiding a default on federal debt.

#biden-joseph-r-jr, #federal-budget-us, #mccarthy-kevin-1965, #national-debt-us, #united-states-politics-and-government

Wall Street Is Counting on a Debt Limit Trick That Could Entail Trouble

If the debt limit is breached, investors expect Treasury to put bond payments first. It’d be politically and practically fraught.

#banking-and-financial-institutions, #biden-joseph-r-jr, #federal-budget-us, #federal-reserve-system, #government-bonds, #national-debt-us, #politics-and-government, #republican-party, #senate, #stocks-and-bonds, #treasury-department, #united-states, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

To Understand Why Republicans Are Divided on the Debt Ceiling, Consider Dr. Seuss

The Tea Party is over. Cultural issues seem to animate G.O.P. voters.

#conservatism-us-politics, #federal-budget-us, #house-freedom-caucus, #internal-sub-only-nl, #midterm-elections-2022, #national-debt-us, #polls-and-public-opinion, #republican-party, #united-states-politics-and-government

Biden Set to Hammer House Republicans on the Economy

The president has found a welcome foil in a new conservative House majority and its tax and spending plans, sharpening a potential re-election message.

#biden-joseph-r-jr, #health-insurance-and-managed-care, #house-of-representatives, #medicare, #national-debt-us, #presidential-election-of-2024, #republican-party, #social-security-us, #united-states-economy, #united-states-politics-and-government, #virginia

Does America Have Too Much Debt?

Borrowing less would have created its own problems.

#economics-theory-and-philosophy, #federal-budget-us, #internal-sub-only-nl, #international-trade-and-world-market, #national-debt-us, #recession-and-depression, #united-states-economy

Please Don’t Feed the Debt Scolds

Deficit hype sounds serious, but it really isn’t.

#congressional-budget-office, #federal-budget-us, #government-bonds, #national-debt-us, #united-states-economy, #united-states-politics-and-government

The Debt Ceiling Showdown, Explained

The United States government is engaged in a high-stakes political battle over paying its debts — again. How did we get here?

#audio-neutral-informative, #federal-budget-us, #national-debt-us, #republican-party, #united-states

The Week in Business: The Debt Limit and Politics

Microsoft and Alphabet, the parent company of Google, both said they would cut thousands of jobs. And initial estimates of economic growth in the U.S. in the fourth quarter come out Thursday.

#federal-budget-us, #national-debt-us, #republican-party, #stocks-and-bonds, #united-states-economy

How the U.S. Government Amassed $31 Trillion in Debt

Two decades of tax cuts, recession responses and bipartisan spending fueled more borrowing — contributing $25 trillion to the total and setting the stage for another federal showdown.

#biden-joseph-r-jr, #bush-george-w, #federal-budget-us, #medicare, #national-debt-us, #obama-barack, #recession-and-depression, #stimulus-economic, #taxation, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

Routine Crisis

A political fight is again putting the economy at risk.

#internal-storyline-no, #law-and-legislation, #national-debt-us, #united-states-politics-and-government

You Can Let Republicans Destroy the Economy or You Can Call Their Bluff

The Fourteenth Amendment offers a blueprint for tearing down the debt ceiling.

#biden-joseph-r-jr, #constitution-us, #credit-ratings-and-credit-rating-agencies, #democratic-party, #federal-budget-us, #fourteenth-amendment-us-constitution, #house-of-representatives, #law-and-legislation, #national-debt-us, #republican-party, #treasury-department, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

The U.S. Hit Its Debt Limit. What Happens Next?

The Treasury Department has started employing “extraordinary measures,” but the path to raising the debt ceiling is likely to be a long one.

#democratic-party, #federal-budget-us, #house-of-representatives, #national-debt-us, #republican-party, #treasury-department, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

Biden Against the Wounded Extremists

The shape of his governing style is coming into focus.

#biden-joseph-r-jr, #china, #computer-chips, #infrastructure-public-works, #international-relations, #international-trade-and-world-market, #law-and-legislation, #national-debt-us, #presidential-election-of-2024, #russian-invasion-of-ukraine-2022, #united-states, #united-states-international-relations, #united-states-politics-and-government

Don’t Try to Appease Economic Terrorists

Democrats should do whatever it takes to bypass the debt ceiling.

#biden-joseph-r-jr, #federal-budget-us, #house-of-representatives, #national-debt-us, #republican-party, #united-states-economy, #united-states-politics-and-government

America Set to Hit Its Borrowing Limit Today, Raising Economic Fears

The milestone will not immediately affect markets or growth, but it sets the stage for months of entrenched partisan warfare.

#federal-budget-us, #house-of-representatives, #national-debt-us, #republican-party, #stimulus-economic, #stocks-and-bonds, #tax-cuts-and-jobs-act-2017, #treasury-department, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

Why the Debt-Ceiling Fight Could Get Really Ugly — and How It Might End

Ross Douthat and two analysts discuss Kevin McCarthy, the House G.O.P. and the looming drama over the government borrowing cap.

#biden-joseph-r-jr, #budget-control-act-2011, #democratic-party, #federal-budget-us, #house-freedom-caucus, #national-debt-us, #obama-barack, #politics-and-government, #republican-party, #senate, #united-states-politics-and-government

How Close Is the U.S. to Hitting the Debt Ceiling? How Bad Would That Be?

The United States has a cap on the amount of money it can borrow. That means it can run out of cash if the limit isn’t lifted.

#federal-budget-us, #government-bonds, #law-and-legislation, #national-debt-us, #stocks-and-bonds, #united-states-economy

How Close Is the U.S. to Hitting the Debt Limit? How Bad Would That Be?

The United States has a cap on the amount of money it can borrow. That means it can run out of cash if the limit isn’t lifted.

#federal-budget-us, #government-bonds, #law-and-legislation, #national-debt-us, #stocks-and-bonds, #united-states-economy

As Debt Ceiling Threat Looms, Wall Street and Washington Have Only Rough Plans

A default is likely to rattle markets and carry big risks, no matter how the Federal Reserve and Treasury try to curb the fallout.

#banking-and-financial-institutions, #federal-budget-us, #federal-reserve-system, #government-bonds, #national-debt-us, #stocks-and-bonds, #treasury-department, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

U.S. Will Hit Debt Limit on Thursday, Yellen Tells Congress

The Treasury Department expects to begin taking “extraordinary measures” to continue paying the government’s obligations before what is expected to be a big fight to raise the borrowing cap.

#democratic-party, #federal-budget-us, #house-of-representatives, #law-and-legislation, #national-debt-us, #republican-party, #senate, #treasury-department, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

U.S. Will Hit Debt Limit Jan. 19, Yellen Tells Congress

The Treasury Department expects to begin taking “extraordinary measures” to continue paying the government’s obligations ahead of what’s expected to be a big fight to raise the borrowing cap.

#federal-budget-us, #national-debt-us, #politics-and-government, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

Why Republican Politicians Still Hate Medicare

At this point, even their own voters support big social spending.

#federal-budget-us, #health-insurance-and-managed-care, #house-of-representatives, #medicaid, #medicare, #national-debt-us, #republican-party, #social-security-us, #united-states-politics-and-government

U.S. Deficit Fell to $1.4 Trillion in 2022

Borrowing remained elevated last year as spending fights loom in a divided Congress.

#federal-budget-us, #national-debt-us, #politics-and-government, #united-states-economy, #united-states-politics-and-government

The U.S. May Finally Breach the Debt Ceiling. Here’s Why That Would Be Very Bad.

If Congress fails to increase the government’s borrowing limit in time, the result would be a shock to the economy and financial markets.

#budgets-and-budgeting, #federal-budget-us, #government-bonds, #interest-rates, #national-debt-us, #personal-finances, #stocks-and-bonds, #united-states-economy, #united-states-politics-and-government

The Chaos Caucus Is Now in Charge

Blame the next wave of House dysfunction on the antimajoritarian, anarchic lot.

#democratic-party, #federal-budget-us, #fringe-groups-and-movements, #house-committee-on-rules, #house-of-representatives, #law-and-legislation, #mccarthy-kevin-1965, #national-debt-us, #republican-party, #right-wing-extremism-and-alt-right, #united-states-politics-and-government

Kevin McCarthy and the Return of the Pre-Trump G.O.P.

In the struggles over the speakership, the old G.O.P. world, with all its dysfunctions, stalemates and futility, has come again.

#boehner-john-a, #democratic-party, #federal-budget-us, #house-of-representatives, #law-and-legislation, #mccarthy-kevin-1965, #national-debt-us, #obama-barack, #politics-and-government, #republican-party, #tea-party-movement, #trump-donald-j, #united-states-politics-and-government

Speaker Drama Raises New Fears on Debt Limit

An emboldened conservative flank and concessions made to win votes could lead to a protracted standoff on critical fiscal issues, risking economic pain.

#conservatism-us-politics, #federal-budget-us, #house-of-representatives, #law-and-legislation, #mccarthy-kevin-1965, #national-debt-us, #recession-and-depression, #republican-party, #social-security-us, #taxation, #united-states-economy, #united-states-politics-and-government