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Congressional Budget Office (CBO) baseline scenario comparisons: June 2017 ($10.1 trillion debt increase over a decade), April 2018 ($11.7 trillion, which reflects Trump's tax cuts and spending bills), and April 2018 alternate scenario ($13.7 trillion, which assumes extension of the Trump tax cuts, among other current policy extensions).
The United States federal budget is divided into three categories: mandatory spending, discretionary spending, and interest on debt. Also known as entitlement spending, in US fiscal policy, mandatory spending is government spending on certain programs that are required by law. [1] Congress established mandatory programs under authorization laws.
The economic policy and legacy of the George W. Bush administration was characterized by significant income tax cuts in 2001 and 2003, the implementation of Medicare Part D in 2003, increased military spending for two wars, a housing bubble that contributed to the subprime mortgage crisis of 2007–2008, and the Great Recession that followed.
In January 2017, the Congressional Budget Office reported its baseline budget projections for the 2017–2027 time periods, based on laws in place as of the end of the Obama administration. CBO forecasted that "debt held by the public" would increase from $14.2 trillion in 2016 to $24.9 trillion by 2027, an increase of $10.7 trillion.
A 2009 CBO report indicated that $245 billion, about half of the excess spending, was a result of the 2008 TARP bailouts. Spending increases and tax credits resulting from the American Recovery and Reinvestment Act of 2009 accounted for another $200 billion of the budget deficit.
President Joe Biden signed the Social Security Fairness Act into law Sunday afternoon, marking what is expected to be one of the last major pieces of legislation of his presidency. Prior to ...
Texas Governor Greg Abbott issued an executive order requiring hospitals to ask patients their citizenship status starting November 1st.
The Congressional Budget Office (CBO) estimated the size of an employment shortfall, defined as the number of workers below a full employment level. This shortfall steadily improved during Obama's tenure, from approximately 10 million in 2010 to 2.5 million as of December 2015, a figure roughly 1.5% of the 160 million person labor force.