Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story What to know about the dwindling Social Security trust fund As larger negotiations surrounding the nation’s debt limit dominate attention in Washington, separate discussions are being carried out across the aisle over how to…
Author: Aris Folley
Five key questions about the dwindling Social Security trust fund
Concerns are rising over the future of Social Security as lawmakers on both sides discuss potential changes to extend the lifetime of the program, which risks running a shortfall in funds sooner than one might expect. A report released by the Congressional Budget Office (CBO) warned the Social Security trust fund could run out of…
Risk of shortfall raises stakes in Social Security fight
A new budget report pulling the insolvency date for Social Security to within a decade is prompting fresh unease among senators and a greater urgency to act. In its latest outlook report, the Congressional Budget Office (CBO) projected that the Old-Age and Survivors Insurance trust fund, which pays out retirement and survivors’ benefits, would be exhausted in 2032. Experts say…
Social Security’s future thrust into spotlight
Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Social Security’s track to insolvency might be sooner than you think A recent report from the Congressional Budget Office (CBO) tightened its timeline for when Social Security funds could see a shortfall. © AP…
Biden IRS nominee draws heat – and some support – from GOP senators
Republican senators dialed up the heat on President Joe Biden’s nominee to head up the Internal Revenue Service (IRS), Danny Werfel, during his confirmation hearing on Wednesday. Republicans pressed Werfel, who served as acting IRS commissioner in 2013 during the Obama administration, about how the agency will utilize the roughly $80 billion in extra funding…
US yearly deficits projected to average $2 trillion over next decade: report
The nation’s annual budget deficits are projected to average $2 trillion over roughly the next decade, according to figures released by the Congressional Budget Office (CBO) on Wednesday. In the recent 2023-2033 “Budget and Economic Outlook” report, the CBO projected the federal budget national deficit would reach $1.4 trillion for fiscal 2023, $400 billion higher…
US risks debt default as soon as July: CBO
The federal government could default on its debt as early as July if Congress is unable to raise the debt limit, according to a report released Wednesday by the Congressional Budget Office (CBO). The nonpartisan budget scorekeeper said the Treasury Department could exhaust the so-called “extraordinary measures” it began taking last month to stave off…
GOP senator backs Biden IRS nominee despite concerns over funding boost
Sen. Thom Tillis (R-N.C.) said on Wednesday that he intends to support the confirmation of President Biden’s nominee to head up the Internal Revenue Service (IRS), Danny Werfel. During Werfel’s confirmation hearing Wednesday before the Senate Finance Committee, Tillis expressed his support for the nominee during a line of questioning about the agency’s recent funding…
Biden IRS nominee pressed on ‘troubling’ reports on audit rates of Black taxpayers
Danny Werfel, who was tapped by President Biden to head up the Internal Revenue Service, committed before Congress to look into recent reports of racial disparities in agency audits if he is confirmed. Senate Finance Committee Chairman Ron Wyden (R-Ore.) raised the issue during Werfel’s confirmation hearing before the panel on Wednesday morning. “There have…
On The Money — Biden targets GOP, spars over Social Security
President Biden is keeping up the pressure on congressional Republicans over their views on Medicare and Social Security. We’ll also look at some of the proposals Republicans have eyed so far in debt limit talks, IRS plans for a free online tax-filing system by May, and more. But first, if Rep. Marjorie Taylor Greene’s viral…