Welcome to mandatory-spending dominanceIn any introductory macroeconomics class, you will be taught something about public finance that goes like this: The government’s budget deficit is related to the business cycle. Near the peak of the business cycle, the government should run a surplus because revenues are higher and the need for government spending is lower. […]
Tag: budget
Text of $1.2 trillion spending bill released
Lawmakers early Thursday morning released the text of a $1.2 trillion government funding bill negotiated by the White House and leaders of both parties to avoid a partial government shutdown this weekend. The spending deal, announced Tuesday, includes funding for the departments of Homeland Security, Defense, State, Labor, Health and Human Services and other parts […]
Spending deal is done but budget timeline tight
House Republican leaders struck a deal Monday evening with the White House on a bill to fund the Department of Homeland Security, paving the way for six spending bills to pass by the end of the week, according to Congressional leaders. “An agreement has been reached for DHS appropriations, which will allow completion of the […]
Shutdown stopgap bill planned for the 4th time
The U.S. Congress on Wednesday has three days to avert a partial government shutdown, as disagreements between the two parties and within the fractious House Republican majority delay lawmakers in their duty of funding federal agencies.The two chambers’ top Democrats and Republicans had emerged from what they described as an intense Tuesday meeting with President […]
House Dems reject Johnson’s border demands
House Democrats wasted no time this week rejecting Speaker Mike Johnson’s (R-La.) demands for strict new border security measures in return for Ukraine aid, posing the latest obstacle in Congress’s efforts to move another round of military assistance for the embattled U.S. ally. Johnson said Wednesday House Republicans would oppose any new aid for Kyiv […]
Conservatives curse Mike Johnson spending deal
Republican House Speaker Mike Johnson faced backlash from his conservative colleagues on Sunday after announcing that congressional leaders had reached a tentative agreement to fund the government in 2024. Johnson, a Louisiana Republican, was appointed the 56th speaker of the House of Representatives in October 2023 after Kevin McCarthy was ousted from the position the […]
Budget in a quagmire as congress exits DC
The days before Christmas are often a last-minute scramble for Congress as members work long hours to strike an annual spending deal before heading home for the holidays. But this time, lawmakers are pushing their biggest battles to the new year. When Congress resumes work on Jan. 8, they’ll have two short weeks to fund […]
House passes bill; budget can kicked to January
The US House of Representatives has passed a short-term funding bill in a bid to avert a government shutdown that looms on Friday, despite a major Republican revolt. The measure, the first major test for new House Speaker Mike Johnson, was approved by 336 votes to 95. It keeps federal agencies open at current spending […]
Government shutdown now just hours away
Lawmakers are inching closer to a government shutdown when government funding runs out at the end of the day on Sept. 30. With a deal nowhere in sight, federal agencies are bracing to place hundreds of thousands of workers on unpaid furlough until funding is restored. The federal government hasn’t faced this dilemma since 2018 […]
This wk’s possible Govt shutdown will hurt many
With the government on the brink of a shutdown this week as Congress remains at an impasse on a funding deal, federal departments and agencies have begun the mandatory process of planning to bring nonessential functions to a halt. The Office of Management and Budget reminded senior agency officials Friday to update and review shutdown […]
Could the US government shut down in 3 weeks?
Some federal lawmakers are warning a government shutdown is increasingly likely as House members spar over a fiscal year 2024 spending plan—an impasse that could have both immediate consequences for the daily lives of Americans and long-term impacts on federal spending. Congress must pass, and the president must sign, 12 annual appropriations bills that make […]
Will debt limit plan pass Congress this week?
House Speaker Kevin McCarthy and his top allies have reversed course and changed their bill for raising the nation’s borrowing limit – and agreed to make two major changes overnight in a bid to pass the package Wednesday in their standoff with the White House. It’s not clear if even those changes will yield enough […]