Senate Republicans are considering a tax increase as a plan B to raise revenue to get their party’s deficit hawks to support their tax bill, Republican Whip John Cornyn said Thursday evening, as the ‘debt trigger’ idea the party had been working on ran afoul of Senate rules.
Senate Republicans were struggling to keep their $1.4 trillion tax cut on track Thursday night after a key compromise crumbled, sending leaders scurrying for another last-minute rewrite to try to keep deficit hawks on board.
Repealing Obamacare’s individual mandate would save the government $338 billion over a decade and result in 13 million more uninsured Americans in 2027, according to a new CBO score.
The federal government collected approximately $3.3 trillion in taxes in fiscal year 2017, but the federal government still ran a $666 billion deficit during that time, according to the latest monthly Treasury Department statement.
The federal government collected record total tax revenues through the first eleven months of fiscal 2017 (Oct. 1, 2016 through the end of August), according to the Monthly Treasury Statement.
House Republicans will try to advance a budget resolution on Wednesday despite protests from conservatives who want to reduce spending.
Inflation-adjusted federal tax revenues hit a record $2,469,178,000,000 for the first 10 months of fiscal year this July, but the federal government still ran a $460,450,000,000 deficit during that time.
Despite record tax revenues, the Federal government has run a cumulative deficit of nearly $400 billion dollars in the first nine months of 2014.
Despite record federal tax revenues of $1.9 trillion, the federal government still managed to run a deficit of $436 billion through the first eight months of the fiscal year, according to the U.S. Treasury.
The U.S. economy contracted in the first quarter for the first time in three years as it buckled under the weight of a severe winter, but there are signs activity has since rebounded.
The incoming prime minister of Hungary, Viktor Orbán, has introduced ministers of what observers say will be the smallest Cabinet since the country’s communist regime collapsed in 1989. His incoming center right government will have to lift the European Union member from a deep recession.
Five Democratic governors have presented a plan to Obama’s transition team and congressional leaders to pass a $1 trillion stimulus package to help states facing severe budget shortfalls. This year 41 states as well as the District of Columbia are facing deficits totaling $42 billion this year, according to the Center on Budget and Policy Priorities in a report seen by Worthy News Monday, January 5.