Debt as a share of the United States economy is on track to blow through the previous World War II-era record within two decades and keep rising from there, the Congressional Budget Office said in its annual long-term budget report.
President Trump’s proposed budget would add $2.3 trillion more to deficits over the next decade than the White House estimated, the Congressional Budget Office said Thursday.
Emergency food aid for around a million Palestinians in Gaza may run out from June if the UN agency for Palestinian refugees cannot raise another $200 million following a cut-off in US funding, the agency said on Tuesday.
Republicans’ tax cuts and the new spending bill Congress approved last month will send the economy surging this year to 3.3 percent growth -- but will also send the deficit soaring back to the record levels of the early Obama years, the Congressional Budget Office said Monday.
House Minority Leader Nancy Pelosi said Wednesday that Democrats will work with Republicans to rework the GOP tax overhaul after taking back the majority next year.
The federal government ran a deficit of $215,248,000,000 in the month of February, while taking in $155,623,000,000 in taxes and spending $370,871,000,000, according to the Monthly Treasury Statement.
President Trump asked Congress on Tuesday to pass an infrastructure package that would ultimately be worth $1.5 trillion, increasing the amount of investment in infrastructure over what he requested of lawmakers the last time he appeared before a joint session of Congress.
The federal government collected record total tax revenues of $443,715,000,000 in the first two months of fiscal 2018 (Oct. 1, 2017 through the end of November), according to the Monthly Treasury Statement.