The federal government is heading to a shutdown, if Congress doesn’t pass funding legislation by the time the clock strikes midnight on Sept. 30. We’ll explain what that means and what government services could be affected.
House Speaker Kevin McCarthy and President Joe Biden brokered a two-year agreement to suspend the debt ceiling, but it needs quick congressional approval before the federal government runs out of money. We’ll explain the main provisions of the bill that would cut, and increase, federal spending.
Both Democratic and Republican senators who negotiated a bipartisan infrastructure bill have claimed the legislation is “paid for.” But a budget watchdog group says the bill only pays for about half of the $548 billion in new spending.
President Donald Trump has been holding daily press conferences to provide the latest information about the coronavirus from the federal government, but his rhetoric has sometimes been imprecise, misleading or outright incorrect.
Democratic presidential candidate Pete Buttigieg blamed tax cuts backed by President Trump for creating the nation’s debt problem. But while those tax cuts are worsening the nation’s debt, spiraling deficits and debt over the next decade were projected even before those tax cuts were enacted.
On the day the Trump administration released its fiscal 2020 budget, White House economic adviser Larry Kudlow misleadingly claimed that “overall revenues are up about 10 percent.” In fact, federal revenues are down since the Republican tax cuts became law.
The president’s budget counts on economic growth to reach a balance, but his tax cut plan also relies on that growth to remain revenue-neutral. Tax and budget experts say that’s double-counting the same money.
A pro-Rand Paul super PAC cherry picks two fiscal votes to label Sen. Ted Cruz as a “phony” conservative. In fact, fiscal conservative groups that score congressional votes rank both presidential candidates as among the most conservative in the Senate.
Republicans claim the federal government will “collect more revenue in 2013 than ever before.” But that’s only true in raw dollars, not as a percentage of gross domestic product, which accounts for growth in population, inflation and earnings.