The Latest Breaking News from Federal Budget

It’s the most wonderful time of the year: when Washington says it will cut the federal deficit. Easier said than done! Just ask the 2011 super committee, which had a mandate and bipartisan support yet failed spectacularly. For this podcast, we combine the powers of the Political Theater podcast with…

The CBO estimated that more tariff revenue would help shrink the federal budget deficit by $2.7 trillion from fiscal years 2025 to 2034.

DOGE, led by Elon Musk and Vivek Ramaswamy, aims to cut trillion from the federal budget by targeting key areas and proposing workforce changes.

After two successive surpluses, the federal budget will be back in deficit in 2024–25, according to the much-anticipated budget update released on Wednesday.

The federal budget is headed for a deficit of $26.9 billion this financial year – $1.3 billion better than the estimate in May – but in the following three years the budget is forecast to be deeper in the red than earlier forecast.

Budget downgrade blamed on Australian economy being hit harder than anticipated by higher interest rates, cost of living pressures and global uncertainty

Cost-of-living relief measures are off the table in the mid-year budget update, as a tax expenditure list shows the type of deductions that cost the most.

With a debt-to-GDP ratio of 122.84% and a recent hike in its interest expenses— now costing $1.133 trillion due to inflation and rising interest rates, the USA is spending 17% of its federal budget just to maintain its debt.

Next month’s update of the federal budget will forecast a bigger deficit for 2024-25 than was predicted in the May budget, according to the Deloitte Access Economics’ Budget Monitor, released on Tuesday.

The new advisory group promises bold savings and massive spending cuts, but without any expertise in the federal budget, it’s likely to be all bark and no bite.

Next month’s federal budget update is expected to revise down company tax receipts for the first time since 2020, amid continued low economic growth in the near term.