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The Fiscal Responsibility Act of 2023, passed in June 2023, resolved that year's debt-ceiling crisis and set spending caps for FY2024 and FY2025. The act called for $895 billion in defense spending and $711 billion in non-defense discretionary spending for fiscal year 2025, representing a 1% increase over fiscal year 2024. [10]
Biden's plan would permanently keep Medicare solvent, according to aides, but as noted by Maya MacGuineas, president of the fiscal group Committee for a Responsible Federal Budget, it does not ...
The budget window – fiscal year 2025 through fiscal year 2034 – is an eight-year extension of the 2017 Tax Cuts and Jobs Act, which could make the $4.8 trillion of tax cuts and spending ...
House Republicans released their long-awaited budget resolution Wednesday, which will allow up to $4.5 trillion to be added to the deficit via tax cuts and look to cut $2 trillion in spending over ...
Passed the Senate on December 18, 2024 Signed into law by President Joe Biden on December 23, 2024 [ 1 ] The National Defense Authorization Act for Fiscal Year 2025 (NDAA 2025) is a United States federal law which specifies the budget, expenditures, and policies of the U.S. Department of Defense (DOD) for fiscal year 2025.
Kamala Harris's Tax Plan. ... of Biden's 2025 budget proposal, even though not directly affected by the TCJA, calls for increasing the Medicare tax rate from 3.8% to 5% for those earning more than ...
The Committee for a Responsible Federal Budget (CRFB) summarized it as follows: "The President's budget proposes about $5 trillion of new spending and tax breaks, reflecting the previously proposed American Jobs Plan, American Families Plan, and nondefense discretionary spending increases. These provisions would be partially offset with nearly ...
This is much lower than the 39.6% rate that President Joe Biden detailed in his 2025 fiscal year budget, but still higher than the current 21% rate established by Trump’s Tax Cuts and Jobs Act ...