Republicans are seeking to flip the script on Social Security as they dial up the pressure on President Biden. Democrats for months have been on offense on Social Security, accusing Republicans repeatedly and publicly of wanting to make cuts to the entitlement program. But now some in the GOP are hitting back and trying to…
Author: Aris Folley
Balancing federal budget in 10 years could require 41 percent cut to programs, when excluding Social Security: CBO
Hopes by lawmakers to balance the federal budget in a decade through reductions in spending could mean significant cuts to programs to achieve that goal, an analysis released by the Congressional Budget Office (CBO) said on Tuesday. The analysis, requested by Democrats, crunches the numbers behind what achieving a balanced budget in the next 10…
Yellen spars with GOP over Biden’s budget
Treasury Secretary Janet Yellen clashed with House Republicans during a Friday hearing as she faced some tense grilling over President Biden’s recently proposed 2024 federal budget. Republicans sought to charge Democrats with “reckless spending” during the hours-long hearing held by the House Ways and Means Committee, while needling Yellen proposals in the plan that pushes…
Five takeaways from Biden’s $6.8 trillion budget
President Biden on Thursday unveiled his long-awaited budget request for fiscal 2024, setting the stage for what is expected to be a challenging, high-stakes spending battle over the coming months. Much of the ambitious proposal faces a tough chance getting past the divided Congress, but many Democrats see the request as a framework for what…
Breaking down Biden’s budget: Here’s what’s in it
President Biden on Thursday unveiled a sweeping budget plan for the coming fiscal year. The request details a set of ambitious proposals from the White House, ranging from plans to extend the lifetime of programs like Medicare, tax proposals targeting the wealthy to help reduce the deficit by trillions of dollars over the next decade,…
Bipartisan group revives push targeting ‘wasteful’ government spending
A bipartisan group of lawmakers is giving another go at legislation targeting “wasteful” government spending amid a partisan stalemate over the nation’s debt limit. Sen. Maggie Hassan (D-N.H,) Sen. Mike Braun (R-Ind.), Rep. Henry Cuellar (D-Texas) and Rep. Nancy Mace (R-S.C.), on Tuesday will reintroduce the “Identifying and Eliminating Wasteful Programs Act.” The bill doesn’t…
US could default on debt as soon as June: analysis
The U.S. could default on the national debt as soon as June if lawmakers and the White House do not strike a deal to raise the federal borrowing limit, according to projections released Wednesday by prominent non-partisan think tank. The Bipartisan Policy Center (BPC), which closely tracked the debt ceiling, issued new projections Wednesday of…
Democrats pounce on GOP ‘woke-waste’ attacks
The culture wars have entered the budget battle, as GOP leaders take aim at “woke” spending and Democrats push back with charges of bigotry. Democrats are pouncing as Republicans sharpen their focus on what they call “woke-waste” in the federal budget, targeting programs ranging from funds for transgender immigrants in Los Angeles to a nature…
Discussions amp up over Social Security’s future
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…
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…