Republicans Preparing Major Tax Cut Bill For After Debt Ceiling Crisis
1 year, 7 months ago

Republicans Preparing Major Tax Cut Bill For After Debt Ceiling Crisis

Huff Post  

LOADING ERROR LOADING WASHINGTON ― House Republicans are preparing a package of tax cuts they could take up soon after Congress gets finished with its debt ceiling crisis. “But we’re prepared to move forward with an economic package that I think will be reflective of what we’ve talked a lot about.” LaHood said that Republicans would consider how to “continue with the Tax Cuts and Jobs Act,” their landmark tax reform bill from 2017 that slashed corporate and household taxes by more than $1 trillion, as well as revive various business tax breaks that have expired or are currently phasing out. House Majority Leader Steve Scalise described it as “a big economic package that we’ve been putting together, locking in tax cuts, addressing some of the regulatory issues that are holding our economy back.” Republicans used a budget trick to hide the total cost of their 2017 tax cuts by making some parts of the legislation temporary, sunsetting them at the end of 2025 with the expectation of a later extension. “We need to get through this crisis, but they’re already talking about tax policy and big tax cuts.” House Speaker Kevin McCarthy has called the national debt the greatest threat to the U.S., insisting that Democrats agree to spending cuts in exchange for agreeing to let the federal government continue borrowing money. “We need to get through this crisis, but they’re already talking about tax policy and big tax cuts.” - Rep. Suzan DelBene Democrats have said Congress should reduce the budget deficit with tax increases, but McCarthy has claimed that taxes are too high, pointing to a 24% ratio of tax revenue to the overall size of the U.S. economy in 2022.

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History of this topic

'Break even more arms': GOP lobbyist not hopeful Trump can ram through tax cut extension
5 days, 5 hours ago

'Break even more arms': GOP lobbyist not hopeful Trump can ram through tax cut extension

Raw Story  

President-elect Donald Trump has signaled he plans to focus the first months of his administration on passing border security legislation, which means another main goal — extending his 2017 tax cut package — will have to take a back seat. This means that the estimated $4.6 trillion cost of extending the tax cuts could cause potential chaos among House and …

The debt ceiling is back, but no need to worry – yet
1 week, 1 day ago

The debt ceiling is back, but no need to worry – yet

CNN  

CNN — The nation’s debt ceiling was reinstated Thursday, giving congressional Republicans yet another divisive challenge to contend with in 2025. Each bill they work on in the coming months offers an opportunity for a timely debt limit resolution.” Just how long Congress has to handle its debt ceiling dilemma depends heavily on the amount of federal tax revenue collected …

US House Of Representatives Passes Legislation To Prevent Government Shutdown
Trending News
2 weeks, 5 days ago

US House Of Representatives Passes Legislation To Prevent Government Shutdown

ABP News  

The Republican-controlled US House of Representatives passed legislation to prevent a midnight government shutdown on Friday, defying President-elect Donald Trump's call to approve trillions of dollars in new debt. Majority Leader Chuck Schumer posted on X that he is “confident” the Senate will vote to avert a shutdown and hopes “to get it passed as soon as possible.” The legislation …

US: House approves funding bill hours before govt shutdown deadline
2 weeks, 5 days ago

US: House approves funding bill hours before govt shutdown deadline

Deccan Chronicle  

Hours to go before a midnight government shutdown, the House approved a new plan late Friday from Speaker Mike Johnson that would temporarily fund federal operations and disaster aid, but drops President-elect Donald Trump's demands for a debt limit increase into the new year.Johnson insisted Congress would "meet our obligations" and not allow federal operations to shutter ahead of the …

House approves funding bill, sends to Senate hours before government shutdown deadline
2 weeks, 6 days ago

House approves funding bill, sends to Senate hours before government shutdown deadline

New Indian Express  

The new 118-page package would fund the government at current levels through March and adds $100 billion in disaster aid and $10 billion in agricultural assistance to farmers. The federal debt limit expires Jan. 1, and Trump doesn't want the first months of his new administration saddled with tough negotiations in Congress to lift the nation's borrowing capacity. “Congress must …

US government shutdown averted as Congress clears funding bill; now awaits Biden's approval
2 weeks, 6 days ago

US government shutdown averted as Congress clears funding bill; now awaits Biden's approval

India TV News  

As the Trump administration is set to replace Biden's presidency in the United States, the Senate rushed through the final passage of a bipartisan plan, which is aimed at temporarily funding federal operations and disaster aid. House Speaker Mike Johnson had insisted Congress would “meet our obligations” and not allow federal operations to shutter ahead of the Christmas holiday season. …

Government shutdown is averted just after deadline as Congress rejects Trump’s debt limit demands
2 weeks, 6 days ago

Government shutdown is averted just after deadline as Congress rejects Trump’s debt limit demands

Associated Press  

▶ Follow live updates on federal funding negotiations as a government shutdown looms. WASHINGTON — Facing a government shutdown deadline, the Senate rushed through final passage early Saturday of a bipartisan plan that would temporarily fund federal operations and disaster aid, dropping President-elect Donald Trump’s demands for a debt limit increase into the new year. But the day’s outcome was …

Washington DC plunges into chaos as government shutdown looms after Republican spending plan fails
2 weeks, 6 days ago

Washington DC plunges into chaos as government shutdown looms after Republican spending plan fails

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. But Johnson’s team was also looking at the passage of a “clean” continuing resolution …

Government funding bill clears Congress and heads to Biden, averting a shutdown
3 weeks ago

Government funding bill clears Congress and heads to Biden, averting a shutdown

LA Times  

“If there is going to be a shutdown of government, let it begin now,” President-elect Donald Trump posted on social media. Facing a government shutdown deadline, the Senate rushed through final passage early Saturday of a bipartisan plan that would temporarily fund federal operations and disaster aid, dropping President-elect Donald Trump’s demands for a debt limit increase into the new …

Last-minute budget bill to prevent US government shutdown prevails in House
3 weeks ago

Last-minute budget bill to prevent US government shutdown prevails in House

Al Jazeera  

The bill now goes to the Senate where it is expected to pass with only hours remaining before an expected shutdown. “We are really grateful that tonight, in bipartisan fashion with overwhelming majority of votes, we passed the American Relief Act of 2025,” Mike Johnson, the House speaker, said in a news conference after the vote. But this week, President-elect …

House GOP floats new plans to prevent government shutdown with just hours to go
3 weeks ago

House GOP floats new plans to prevent government shutdown with just hours to go

New Indian Express  

WASHINGTON: Veering toward a midnight Friday government shutdown, House Speaker Mike Johnson is proposing a new plan that would temporarily fund federal operations and disaster aid, but punts President-elect Donald Trump demands for a debt limit increase into the new year. House Republicans are meeting behind closed doors on next steps after Trump doubled-down on his insistence that a debt …

Dozens of Senate Republicans may oppose Trump's top demand: GOP senator
3 weeks ago

Dozens of Senate Republicans may oppose Trump's top demand: GOP senator

Raw Story  

President-elect Donald Trump has made either significantly raising the debt ceiling or eliminating it all together his top demand in the current standoff over government funding. Indeed, the MAGA leader touted Thursday that he struck a new deal with House Republicans on a spending bill that would punt the debt ceiling for two years. As Raju wrote on X, Sen. …

Democrats Balk At Donald Trump’s Surprise New Demand As Government Shutdown Looms
3 weeks ago

Democrats Balk At Donald Trump’s Surprise New Demand As Government Shutdown Looms

Huff Post  

LOADING ERROR LOADING WASHINGTON ― House Democratic leader Hakeem Jeffries on Thursday said “hard pass” on President-elect Donald Trump’s suggestion that Congress get rid of the debt ceiling as part of a government funding bill. “GOP extremists want House Democrats to raise the debt ceiling so that House Republicans can lower the amount of your Social Security check,” Jeffries wrote …

Democrats dodge a debt ceiling deal
3 weeks, 1 day ago

Democrats dodge a debt ceiling deal

Politico  

“Let’s get rid of the debt limit. As much as Democrats would love to disarm this particular legislative time bomb, they’re not in any mood to negotiate with Republicans after Trump and billionaire ally Elon Musk sabotaged the prior deal to keep the government open and provide billions in disaster and farm relief. Rep. Brad Schneider, the incoming chair of …

Johnson’s spending nightmare points to grueling GOP problems next year
3 weeks, 2 days ago

Johnson’s spending nightmare points to grueling GOP problems next year

Politico  

In theory, most Republicans support the latter idea, but looking for trillions of dollars in savings could drastically slow down an agenda that the GOP hoped to accomplish in the first 100 days of Trump’s administration. Other Republicans, including some who previously said they would support him, now won’t commit to backing him, despite Trump endorsing Johnson just over a …

"Call their bluff": Trump, Vance urge GOP lawmakers to vote down emergency government funding bill
3 weeks, 2 days ago

"Call their bluff": Trump, Vance urge GOP lawmakers to vote down emergency government funding bill

Salon  

President-elect Donald Trump is urging members of his party to vote down a resolution that would fund the federal government into March. In a joint statement with Vice President-elect JD Vance shared by Vance on social media, the incoming executives said that Republican legislators should "call bluff" of congressional Democrats and push for a new resolution that doesn't include spending …

House and Senate Republicans debate which priorities to move on first
3 weeks, 3 days ago

House and Senate Republicans debate which priorities to move on first

NPR  

House and Senate Republicans debate which priorities to move on first Senate and House GOP leaders plan a wide-ranging policy agenda but have a short window to act; and passing bills using rules to get around a filibuster requires near unanimity. NPR congressional correspondent Deirdre Walsh reports that House and Senate Republicans are debating what to do first. DEIRDRE WALSH, …

President-elect Trump promised to extend tax cuts, but how will the government make up a $4 trillion loss of revenue?
3 weeks, 6 days ago

President-elect Trump promised to extend tax cuts, but how will the government make up a $4 trillion loss of revenue?

NPR  

President-elect Trump promised to extend tax cuts, but how will the government make up a $4 trillion loss of revenue? SIMON: President-elect Trump promised to extend tax cuts he passed during his first term in office during this last campaign. JOSEPH ROSENBERG: They're really going to have to figure out if that's a price tag they're willing to swallow or …

Steve Bannon: GOP Congress means 'massive tax cuts for the wealthy and the billionaires'
4 weeks, 1 day ago

Steve Bannon: GOP Congress means 'massive tax cuts for the wealthy and the billionaires'

Raw Story  

Right-wing influencer Steve Bannon asserted that Republicans in control of Congress would push "massive tax cuts for the wealthy for the billionaires." During a Tuesday interview with Rep. Chip Roy, Bannon argued that the Department of Government Efficiency should pursue a significant restructuring of government spending instead of tax cuts for the wealthy. " "They want to get to a …

'Landmines loom over' GOP agenda with warning Congress not 'on the same page' with Trump
1 month ago

'Landmines loom over' GOP agenda with warning Congress not 'on the same page' with Trump

Raw Story  

Republicans in Congress and the incoming Donald Trump administration are facing an internal battle over the president-elect’s “first 100-day agenda” as senators prepare to push border security and energy production over House GOP calls for a tax bill, CNN reports. The strife represents “a preview of the landmines looming over the GOP’s ambitious agenda despite controlling all of Washington,” according …

Republicans Say Letting These Tax Cuts Expire Would Crash The Economy. Congress' Own Experts Say Otherwise.
1 month ago

Republicans Say Letting These Tax Cuts Expire Would Crash The Economy. Congress' Own Experts Say Otherwise.

Huff Post  

LOADING ERROR LOADING There may be a tough fight coming soon over whether to allow the expiration of a set of income tax cuts for individuals put in place in 2017 ― something that Republicans claim would be disastrous for the U.S. economy. The CBO’s finding stands in stark contrast to the gloom and doom that Republicans have been saying …

Donald Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts
1 month, 1 week ago

Donald Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts

Hindustan Times  

A tax break for millionaires, and almost everyone else. Government job cuts to “drain the swamp.” Having won the election and sweeping to power, Republicans are planning an ambitious 100-day agenda with President-elect Donald Trump in the White House and GOP lawmakers in a congressional majority to accomplish their policy goals. Trump’s first term became defined by those tax cuts, …

Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts
Trending News
1 month, 1 week ago

Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts

Associated Press  

WASHINGTON — A tax break for millionaires, and almost everyone else. Trump’s first term became defined by those tax cuts, which were approved by Republicans in Congress and signed into law only after their initial campaign promise to “repeal and replace” Democratic President Barack Obama’s health care law sputtered, failing with the famous thumbs-down vote by then-Sen. John McCain, R-Ariz. …

Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts
1 month, 1 week ago

Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts

LA Times  

Republican leaders in the House, including Speaker Mike Johnson, center, Majority Whip Tom Emmer, left, and Majority Leader Steve Scalise, are planning an ambitious 100-day agenda once President-elect Donald Trump is inaugurated. Atop the list is the plan to renew some $4 trillion in expiring GOP tax cuts — a signature domestic achievement of Trump’s first term and an issue …

'Headed for a brawl': Trump's plan reportedly 'dividing GOP lawmakers'
1 month, 1 week ago

'Headed for a brawl': Trump's plan reportedly 'dividing GOP lawmakers'

Raw Story  

On Friday, Politico wrote that Republicans are gearing up for a fight over Trump's new $4.6 trillion tax cut. Politico reported in 2018 that their analysis put Trump's tax cuts at a $2.3 trillion addition to the deficit. The Center of Budget and Policy Priorities revealed in June that the 2017 tax cut passed by Trump and the GOP "skewed …

The rising price of paying the national debt is a risk for Trump’s promises on growth and inflation
1 month, 2 weeks ago

The rising price of paying the national debt is a risk for Trump’s promises on growth and inflation

Associated Press  

WASHINGTON — Donald Trump has big plans for the economy — and a big debt problem that will be a hurdle to delivering on them. Trump has bold ideas on tax cuts, tariffs and other programs, but high interest rates and the price of repaying the federal government’s existing debt could limit what he’s able to do. In his statement …

"No mistake on who they're serving": Republicans eye Medicaid, SNAP cuts to pay for Trump tax plan
Top News
1 month, 3 weeks ago

"No mistake on who they're serving": Republicans eye Medicaid, SNAP cuts to pay for Trump tax plan

Salon  

President-elect Donald Trump and his advisers are eyeing major cuts to federal safety net programs like Medicaid and food stamps to balance the cost of their massive tax agenda, The Washington Post reported Monday. “To pay for tax cuts for their billionaire donors, the GOP wants to make food and health care unaffordable and inaccessible for the most vulnerable people …

House Republicans unite on spending cuts to non-defense programs, but Senate roadblock awaits
6 months ago

House Republicans unite on spending cuts to non-defense programs, but Senate roadblock awaits

Associated Press  

WASHINGTON — House Republicans are off to a quicker, more united start this year when it comes to funding the federal government, passing four of 12 annual appropriations bills before the end of June compared to zero at this time last year when the new majority got off to a rocky start. That means a protracted, months-long battle that will …

Key GOP economic talking point destroyed by new analysis
6 months, 2 weeks ago

Key GOP economic talking point destroyed by new analysis

Raw Story  

National debt has for decades been a go-to issue Republicans try to use to persuade voters against supporting social programs — an issue that has crept back to the forefront with new reports that annual interest payments serving the national debt now exceed what the U.S. spends on its military. According to the report, former President Donald Trump's contribution to …

Congressional Budget Office raises this year’s federal budget deficit projection by $400 billion
6 months, 3 weeks ago

Congressional Budget Office raises this year’s federal budget deficit projection by $400 billion

Associated Press  

WASHINGTON — The Congressional Budget Office said Tuesday that it projects this year’s federal budget deficit to be $400 billion higher, a 27% increase compared to its original estimate released in February. White House spokeswoman Karine Jean-Pierre, said in a statement that the report “is further evidence of the need for Congress to pass President Biden’s Budget to reduce the …

Use Expiring Trump Tax Cuts To Overhaul The Entire Tax System, Groups Say
7 months, 2 weeks ago

Use Expiring Trump Tax Cuts To Overhaul The Entire Tax System, Groups Say

Huff Post  

LOADING ERROR LOADING The $4.6 trillion in tax cuts that expire next year offer a chance to completely revamp the U.S. tax system that should not be missed, more than 100 progressive and economic groups said Tuesday. “Congress should pursue reforms — including corporate tax reforms — that stem the decades-long tide of tax cuts for the rich and corporations …

Extending Trump tax cuts would add $4.6 trillion to deficit: CBO
8 months ago

Extending Trump tax cuts would add $4.6 trillion to deficit: CBO

Raw Story  

As former U.S. President Donald Trump and congressional Republicans campaign on extending their 2017 tax cuts if elected in November, a government analysis revealed Wednesday that doing so would add $4.6 trillion to the national deficit. The new CBO report—sought by U.S. Senate Budget Committee Chair Sheldon Whitehouse and Senate Finance Committee Chair Ron Wyden —says continuing the income, business, …

Tax the rich and end Republican welfare for the wealthy
9 months, 3 weeks ago

Tax the rich and end Republican welfare for the wealthy

Raw Story  

Over the past 50 years, before the GOP went all in on fascism and isolationism, the most dramatic difference between Democrats and Republicans lurked in the driest of places: tax policies. As National Economic Council Director Lael Brainard told the Economic Club of New York last year, although tax cuts for the wealthy added trillions to the national debt, the …

Government's overhaul of stage 3 tax cuts pass Senate
10 months, 2 weeks ago

Government's overhaul of stage 3 tax cuts pass Senate

ABC  

In short: The government's amendments to stage three tax cuts have passed the Senate. The government's amendments to stage three tax cuts have passed the Senate. The government's overhaul of the stage 3 tax cuts passed the Senate unamended on Tuesday evening, having previously passed in the House of Representatives. It's a political victory for the federal government, which spent …

IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding
11 months ago

IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding

Associated Press  

WASHINGTON — The IRS is poised to take in hundreds of billions of dollars more in overdue and unpaid taxes than previously anticipated, according to new analysis released Tuesday by the Treasury Department and the IRS. The Congressional Budget Office in 2022 estimated that the tens of billions of new IRS funding provided by the IRA would increase revenues by …

IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding
11 months ago

IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The Congressional Budget Office in 2022 estimated that the …

Treasury’s Yellen calls Republican effort to cut IRS funding for Israel ‘damaging and irresponsible’
1 year, 2 months ago

Treasury’s Yellen calls Republican effort to cut IRS funding for Israel ‘damaging and irresponsible’

Associated Press  

WASHINGTON — Treasury Secretary Janet Yellen called Republicans’ most recent round of proposed funding cuts to the IRS “damaging and irresponsible” during a Tuesday event meant to commemorate new customer service improvements to the agency. “Playing politics with IRS funding is unacceptable,” Yellen said, referring to an aid bill that passed the House last week that would cut $14 billion …

Column: The budget lie at the heart of House Speaker Johnson’s Israel aid proposal
1 year, 2 months ago

Column: The budget lie at the heart of House Speaker Johnson’s Israel aid proposal

LA Times  

Scarcely a week into the tenure of House Speaker Mike Johnson, and his view of American voters and the press as dimwits to be gulled is becoming clearer with every day. — House Speaker Mike Johnson tries to fool all of the people all of the time The reason is that most of the money is earmarked for “enforcement and …

House GOP targets IRS in bill to provide emergency aid to Israel
1 year, 2 months ago

House GOP targets IRS in bill to provide emergency aid to Israel

Associated Press  

WASHINGTON — House Republicans went after the IRS — long a GOP whipping child — when they decided that emergency aid for Israel should be coupled with cuts elsewhere in the budget. The aid bill that passed the House on Thursday — unlikely to be approved by the Democratic-controlled Senate — would cut $14 billion from the nation’s tax collector …

$10 trillion in added debt shows 'Bush and Trump tax cuts broke our modern tax structure'
1 year, 2 months ago

$10 trillion in added debt shows 'Bush and Trump tax cuts broke our modern tax structure'

Raw Story  

The U.S. Treasury Department on Friday released new figures related to the 2023 budget that showed a troubling drop in the nation's tax revenue compared to GDP — a measure which fell to 16.5% despite a growing economy — and an annual deficit increase that essentially doubled from the previous year. In response to the Treasury figures released Friday, Kogan …

Tax Cuts Are Here to Stay—And So Are Exploding Budget Deficits
1 year, 3 months ago

Tax Cuts Are Here to Stay—And So Are Exploding Budget Deficits

Live Mint  

WASHINGTON—President Biden and Republicans are gearing up for a hyperbolic election-year battle over extending the 2017 law that lowered taxes for individuals and businesses. In his budget, Biden has already proposed extending Trump’s tax cuts for almost all households, and he has promised to avoid raising taxes on anyone making under $400,000. Contrary to claims that the tax cuts would …

The IRS plans to crack down on 1,600 millionaires to collect millions of dollars in back taxes
1 year, 4 months ago

The IRS plans to crack down on 1,600 millionaires to collect millions of dollars in back taxes

Associated Press  

WASHINGTON — The IRS announced on Friday it is launching an effort to aggressively pursue 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes. IRS Commissioner Daniel Werfel said that with a boost in federal funding and the help of artificial intelligence tools, the agency has new means of targeting wealthy …

Members of Congress break for August with no clear path to avoiding a shutdown this fall
1 year, 5 months ago

Members of Congress break for August with no clear path to avoiding a shutdown this fall

Associated Press  

WASHINGTON — Lawmakers broke for their August recess this week with work on funding the government largely incomplete, fueling worries about whether Congress will be able to avoid a partial government shutdown this fall. “We should not fear a government shutdown,” said Rep. Bob Good, R-Va. “Most of the American people won’t even miss if the government is shut down …

IRS says it collected $38 million from more than 175 high-income tax delinquents
1 year, 5 months ago

IRS says it collected $38 million from more than 175 high-income tax delinquents

Associated Press  

WASHINGTON — The IRS is showcasing its new capability to aggressively audit high-income tax dodgers as it makes the case for sustained funding and tries to avert budget cuts sought by Republicans who want to gut the agency. IRS leaders said they collected $38 million in delinquent taxes from more than 175 high-income taxpayers in the past few months. Last …

GOP accused of breaking debt ceiling deal and 'threatening a government shutdown'
1 year, 6 months ago

GOP accused of breaking debt ceiling deal and 'threatening a government shutdown'

Raw Story  

The top Democrat on the House Appropriations Committee accused her Republican colleagues on Thursday of increasing the likelihood of a government shutdown by approving spending numbers below the levels set under the bipartisan debt ceiling agreement, which hasn't even been law for two weeks. In an appearance on CNN, Rep. Rosa DeLauro said House Republicans have already "walked away from …

'Tax scam': Republicans follow debt ceiling fight by proposing tax cuts for wealthy
1 year, 6 months ago

'Tax scam': Republicans follow debt ceiling fight by proposing tax cuts for wealthy

Raw Story  

After threatening to force the government into default over the debt ceiling, Republican lawmakers Friday introduced new tax cuts that could add at least $21 billion to the national deficit over the next decade. Three new GOP-backed bills would cut taxes for large companies, small businesses, and individual families while reducing clean energy tax incentives to pay for it. "This …

As IRS funding shrinks, California’s wealthiest can breathe a bit easier
1 year, 7 months ago

As IRS funding shrinks, California’s wealthiest can breathe a bit easier

LA Times  

California millionaires and billionaires who were set to face the full auditing firepower of a revamped Internal Revenue Service can breathe a bit easier, thanks to congressional Republicans. “More aggressive IRS enforcement would increase taxpayer costs, as they would invest more time and energy defending themselves.” Americans already spend some $14.4 billion per year on tax-preparation services alone, according to …

5 Takeaways From The Debt Ceiling Drama
1 year, 7 months ago

5 Takeaways From The Debt Ceiling Drama

Huff Post  

LOADING ERROR LOADING WASHINGTON ― President Joe Biden will sign the Fiscal Responsibility Act into law on Saturday, capping weeks of congressional drama with a surprisingly dull end to a standoff that risked a worldwide economic catastrophe. Both sides kept their word.” The painstaking negotiations that drove headlines in Washington for months revealed several things about Republicans, Democrats and Biden’s …

Debt limit bill gives Republicans IRS cuts, but Democrats say they expect little near-term impact
1 year, 7 months ago

Debt limit bill gives Republicans IRS cuts, but Democrats say they expect little near-term impact

Associated Press  

WASHINGTON — House Republicans are seeking to make good on their campaign promise to rein in the IRS with cutbacks built into the debt ceiling and budget cuts package passed by Congress. “In the appropriations process, we’ll come back for more.” In April, IRS leaders released details on how the agency would use the $80 billion infusion for improved operations, …

Debt Ceiling Deal Clears House On Bipartisan Vote; Senate Up Next
1 year, 7 months ago

Debt Ceiling Deal Clears House On Bipartisan Vote; Senate Up Next

Huff Post  

LOADING ERROR LOADING The bill to raise the government’s limit on borrowing and trim the federal budget deficit passed the House late Wednesday, leaving the Senate the last obstacle to avoiding a debt default. “We produced a bill that — in divided government — takes a step towards smaller government, less regulation, more economic growth, and more take-home pay,” McCarthy …

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