Britain’s finance chief on Wednesday announced a major increase in public spending in what critics have branded a “high-tax, big-spending budget.” Rishi Sunak, the Chancellor of the Exchequer, said he will increase total departmental spending by £150 billion ($206 billion) by the 2024–25 financial year. “That’s the largest increase this century, with spending growing by…
Major Police Departments Increase Budgets Amid Rise in Crime
After slashing police budgets last year under intense pressure from activists, mayors of the country’s three largest cities have decided to increase funding this year, in the face of a nationwide jump in crime. Chicago, which has the nation’s second-largest police department, is poised to pass its 2022 budget on Oct. 27. The spending plan…
Manchin Opposes Democrats’ IRS Snooping Scheme
Sen. Joe Manchin (D-W.Va.) has come out against a revenue scheme proposed by his party that would have allowed the Internal Revenue Service (IRS) to gather information on the inflows and outflows of American citizens’ bank accounts. The measure initially came to light as a part of Democrats’ $3.5 trillion reconciliation bill. In an attempt…
Democrats Unveil Plan to Tax Unrealized Capital Gains
Senate Democrats plan to reveal a revenue scheme for their multi-trillion dollar budget bill that would tax unrealized capital gains, a move targeted towards the richest of the ultra-wealthy. The measure would put taxes on unrealized capital gains, but would start at an extremely high threshold. To meet the threshold, an individual would need to…
Senate Dems Demand Swift Conclusion to Budget Negotiations
As negotiations over the minutiae of Democrats’ budget reconciliation bill threaten to spill over into November, many in the party are pleading for both factions to reach an agreement soon. Originally, Democratic leaders hoped to quickly push the $3.5 trillion budget through the House by the end of September. Lawmakers worked feverishly to meet that…
US 2021 Fiscal Year Deficit Below Prior Year’s Record, Treasury Says
The U.S. budget deficit totaled $2.772 trillion during fiscal 2021, below the prior year’s record shortfall but still reflecting a second straight year of massive spending to support households and businesses through the coronavirus pandemic, the Treasury Department said on Friday. The United States posted a deficit of $3.132 trillion in fiscal 2020, when the…
Pelosi Tacitly Confirms Reports that Sinema Opposes Tax Hikes
Speaker of the House Nancy Pelosi (D-Calif.) tacitly confirmed reports that have long circulated regarding moderate Sen. Kyrsten Sinema’s (D-Ariz.) opposition to raising corporate tax rates. Though her colleague Sen. Joe Manchin (D-W. Va.) has controlled headlines for months, Sinema has joined with Manchin on a number of key issues. Because of the Democrats’ razor-thin…
Biden Concedes That Budget Must Be Lower Than $3.5 Trillion to Pass
President Joe Biden admitted during a Friday speech in Hartford, Connecticut that a $3.5 trillion price tag on his hallmark “Build Back Better” budget reconciliation bill will be unable to pass the Senate, where moderate members of his party have put up resistance to the bill for months. Most prominently, Sens. Joe Manchin (D-W. Va.)…
Democrats Suggest Unorthodox Plans to Address Debt Ceiling
As Republicans and Democrats continue to duke it out over raising the debt ceiling, some in the majority party are considering bold, unorthodox ways to address the situation. Since August, Republicans have definitively rejected aiding Democrats in raising the debt ceiling. In a petition signed by forty-six Senate Republicans, Sen. Ron Johnson (R-Wis.) explained that…
EU Commission to Launch EU Budget Rules Review on October 19
LUXEMBOURG—The European Commission will publish on Oct. 19 its assessment of the economic impact of the pandemic on the European economy and its implications for EU budget rules as it launches a debate on how to change the rules that underpin the euro currency. EU budgets rules, called the Stability and Growth Pact, set limits…
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