The U.S. government’s budget deficit is forecast to shrink this year before soaring in the coming years, the Congressional Budget Office (CBO) wrote in its 2022-2032 budget and economic outlook Wednesday. The federal deficit will fall to $1 trillion this year, down from $2.8 trillion in 2021. The significant deficit decline is attributed to…
Record Debt, Soaring Deficits Amid Slowing Economy Over Next Decade, CBO Warns
Biden’s $5.8 Trillion Proposed Spending Plan Calls on Congress to Fill in the Blanks
March 29, 2022
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President Joe Biden’s proposed United States’ federal $5.8 trillion Fiscal Year 2023 budget increases overall domestic spending by 7 percent, boosts military allocations by 10 percent and includes a raft of new tax levies for high-income earning individuals while raising the corporate income tax from 21 percent to 28 percent. The 149-page proposed budget introduced…
What if San Francisco Does Not Recover?
February 27, 2022
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San Francisco looks worse now than I’ve ever seen it. Like any major city, San Francisco had bad areas before 2020—those rough areas you knew to avoid—but you could go anywhere else, basically unmolested. Today is something entirely different. The streets are dirty. Homeless encampments, trash, and excrement can be found all over. Car break-ins…
Sen. Paul Details $52 Billion Federal ‘Waste’ in Annual ‘Festivus Report’
Sen. Rand Paul (R-Ky.) has unveiled his annual “Festivus Report,” which tracks what he sees as “waste” spending by the federal government. According to the libertarian-leaning Kentuckian, that waste topped over $52 billion in 2021. Since arriving in the Senate amid the Tea Party wave of 2010, Paul had made the federal budget one of his…
Canada’s Finances: Soaring Expenditures Worsen Winter Chill
Commentary It’s not just the recent blast of winter giving me chills as 2021 comes to a close. The political manoeuvring being done in Ottawa as the fall parliamentary session came to a close is sending outright shivers up my spine, particularly when it comes to the nation’s finances. While Finance Minister Chrystia Freeland was…
Conservatives’ Costing Plan Aims to Cut Deficit by 85% Over Next 5 Years
The Conservative Party released a costing for their 2021 election platform on Sept. 8, committing to reduce the federal budget deficit without cutting government programs. The Conservative’s costing plan aims to reduce deficit by 85 percent, from $168 billion this year to under $25 billion in 2025-26. According to the plan, Conservative platform promises would first…
US Budget Deficit Jumps to Record $1.7 Trillion This Year
WASHINGTON—The U.S. government’s budget deficit surged to an all-time high of $1.7 trillion for the first six months of this budget year, nearly double the previous record, as another round of economic-support checks added billions of dollars to spending last month. In its monthly budget report, the Treasury Department said Monday that the deficit for…
ACT Records $603M Deficit to Tackle Virus
ACT Chief Minister Andrew Barr will belatedly hand down the territory’s 2020/21 budget against the backdrop of a marked recovery from the impact of COVID-19. Tuesday’s budget will show a deficit of $603.1 million for 2020/21, an improvement of $306.4 million when compared to an earlier forecast in August as a result of a boost…
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