America is burdened by a “wasteful, woke, weaponized bureaucracy” that must be brought under control, leaders of the House Freedom Caucus said in announcing their budget proposal, which focuses on reducing the national debt and burdensome federal regulations. The caucus released its position on the national debt on March 10, saying it will consider increasing…
House Freedom Caucus Demands Spending Cuts as Condition for Raising Debt Ceiling
House Freedom Caucus Vows to End ‘Wasteful, Woke, Weaponized Bureaucracy’
America is burdened by a “wasteful, woke, weaponized bureaucracy” that must be brought under control, leaders of the House Freedom Caucus said in announcing their budget proposal, which focuses on reducing the national debt and burdensome federal regulations. The caucus released its position on the national debt on March 10, saying it will consider increasing…
Bipartisan Budget Briefing a ‘Good Start’ for Cooperation on Debt Reduction
Democrats and Republicans met for a rare joint briefing on March 8 to hear a briefing from the Congressional Budget Office on the outlook for the nation’s financial health. The news, though sobering, was intended to form a common understanding of the facts that House Speaker Kevin McCarthy (R-Calif.) hopes will lead to bipartisan cooperation…
Biden Proposal Would Extend Medicare Solvency by 25 Years Through Tax Increase on High Earners
The Medicare Trust Fund will last 25 years longer with lower costs to beneficiaries if President Joe Biden’s proposed budget is adopted, the White House announced on March 7. The statement came two days before the scheduled release of Biden’s full budget proposal and amidst a partisan debate over raising the nation’s debt ceiling, during…
‘It’s All of Our Fault’ Manchin Says of Debt, Calls for Bipartisan Action
Sen. Joe Manchin (D-W.Va.) broke with the Democrat party line by calling for future spending cuts along with an increase to the nation’s debt ceiling. “The American people have had enough of the accounting gimmicks and budgetary games that we play in Congress, and it’s got to stop,” Manchin said, decrying the $31.4 trillion national debt…
Republican Deficit Reduction Bill Would Force Biden to Cut Spending
President Joe Biden will have cut spending over 10 years by an amount equal to any requested increase in the debt ceiling if a Republican proposal becomes law. Announcement of the bill came on the same day Senate Democrats chided Republicans for their unwillingness to provide details of the spending cuts they insist must be…
US Could Default on Debt as Early as Summer, New Study Estimates
The United States will run out of existing funds to pay the nation’s bills within seven months unless Congress raises the debt ceiling, a bipartisan group confirmed on Feb. 22 The “X Date” when the government will have to begin delaying some payments can’t be predicted with certainty, according to the Bipartisan Policy Center (BPC),…
Would a $1 Trillion Coin Fix Debt Ceiling? Yes and No, Experts Say
The federal government will run out of existing funds to pay the nation’s bills sometime this summer unless Congress acts to raise the debt ceiling. Or will it? “There are actually quite a few ideas. What they’re doing is getting around the debt limit in a way that technically isn’t raising debt, but economically is…
4 Ways US Treasury Can Pay Bills Without Borrowing
The United States has nearly reached its $31.4 trillion debt ceiling, so the Treasury must now manage the nation’s bills without resorting to borrowing. That’s a challenge because the government operates on a deficit budget, spending more money than it takes in. Normally the Treasury borrows to cover the shortfall. But Congress places a limit…
Analysis: Economists Disagree on Fallout of Breaking US Debt Ceiling
The United States will reach its statutory debt ceiling sometime between July and September unless Congress raises it. If the ceiling is reached, what happens next? The answer depends on which economist you ask. The Epoch Times spoke with four authorities, and their answers varied from mild repercussions to economic disaster. Here’s a survey of…
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