The government shortfall for the fiscal year that just ended was more than triple that of 2019. The national debt of $21 trillion now exceeds the size of the U.S. economy.
The federal deficit is ballooning as the government tries to cushion the blow from the coronavirus pandemic. June's shortfall totals $864 billion — more than in an entire typical year.
The economic rescue package just passed by Congress will push this year's budget deficit above $3 trillion. Such huge levels of deficit spending used to set off alarm bells in Washington, but no more.
William Hoagland, who for years helped shape GOP budget policy, says the public just doesn't see rising deficits as a major issue at a time when the economy is doing well.
The deficit is expected to swell to $960 billion this year and average $1.2 trillion in each of the next 10 years, according to congressional budget forecasters. They also expect the economy to slow.
Alaska Gov. Mike Dunleavy slashed $130 million, or 41%, from the budget of a university system that serves more than 26,000 students. Layoffs, elimination of programs and campus closures are likely.
President Trump's 2020 budget proposal, released on Monday, calls for $8.6 billion in new border wall funding, along with increased military spending and deep cuts to domestic programs.
"Read my lips" succeeded at countering Bush's image problem. But if it improved his chances of being elected in 1988, it may have ruined his chances of being re-elected in 1992.
As Republicans prepare to pass their massive tax overhaul, they are planning to lessen, or even eliminate, the estate tax. Critics say the tax plays an important role in making the economy fair.
Republicans are reworking ways to control future deficits if the tax plan doesn't produce the economic growth they are promising. Senate votes are on hold until late Friday morning.
President Trump released his budget on Tuesday, which proposes deep cuts to federal safety nets, like food stamps. The plan builds off of the blueprint that the White House distributed in March.
The White House is issuing tax-plan guidelines today. It's not likely to get taken up soon, but Trump's Treasury secretary is pledging to move quickly — and to achieve 3 percent growth.
From jobs and taxes to health care and immigration, there are a host of issues that will come up Monday night. Here's what you should know to get smart quick.
Since the last presidential election, a growing economy has sent the unemployment rate plunging. That improvement has changed the political conversation, but it hasn't stopped worries about wages.
Republican Gov. Sam Brownback, whose aggressive tax-cutting measures helped trigger the financial crisis, said the schools' funding levels are unsustainable.
The city of North Las Vegas has a $33-million budget deficit. City officials are discussing the possibility of transferring police duties to Las Vegas Metro.
