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The Latest Breaking News from Federal Budget

Trump tariffs would shrink the federal deficit, but also the economy, CBO says

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

Fortune

Billionaires Aim To Slash Trillion From Federal Budget

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

Top News

If Treasury forecasts are right, it could be a decade before Australia is ‘back in black’

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 Conversation

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A return to balanced budgets is a decade away, mid-year update says

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.

The Conversation

Federal budget $27bn in the red and won’t return to balance for a decade, Myefo forecasts

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

The Guardian - AU

Super concessions take biggest bite from the budget

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.

AAP

Financial Advisor Charles Wareham On Skyrocketing US Debt, Rising Taxes And What To Do With America's Retirement Plan

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.

International Business Times

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Deloitte predicts December budget update will show bottom line has worsened since May, in fiscal ‘thud’

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 Conversation

DOGE Can Succeed by Scaling Back Its Ambitions

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.

Reason

Budget update will revise down company tax receipts but treasurer Chalmers welcomes economy’s ‘soft landing’

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.

The Conversation

Trump Taps TV's Dr. Oz To Head Massive Medicare, Medicaid Agency

The celebrity physician would oversee spending that accounts for nearly one-quarter of the federal budget to provide health care to about half the country.

International Business Times

Trump Has No Discernible Interest in Fiscal Responsibility

The president-elect’s record and campaign positions belie Elon Musk’s talk of spending cuts.

Reason

Trump's Economic Policies: Impact On Prices And Inflation

Explore the potential economic impacts of President-elect Trump's proposed policies on inflation, economic growth, and the federal budget deficit.

Top News

Donald Trump’s policies would drain Social Security’s finances faster, report finds

Under Trump, Social Security’s trust fund would run out three years earlier than currently projected, according to the Committee for a Responsible Federal Budget.

Fortune

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The Independent UK

An Argentine province has a creative solution to President Milei's austerity: Printing its own money

After entering office last year, far-right President Milei swiftly imposed his fiscal shock therapy, slashing federal budget transfers to provinces

Top News

Trump Proposes Tax Cuts Targeting Various Voter Groups

Former President Trump's tax cut proposals and their potential impact on the federal budget and programs like Social Security and Medicare.

Barchart

Could the US Government Fiscal Year-End Fund Your Trading Account?

The US government's fiscal year significantly impacts financial markets because the federal budget process influences economic policy, government spending, and fiscal stability. As the fiscal year draws to a close on September 30, market participants closely monitor budget negotiations, potential government shutdowns, and funding decisions, which can create uncertainty and…

Barchart

Could the US Government's Fiscal Year End Fund Your Trading Account?

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Top News

Presidential Candidates Promise To Eliminate Taxes On Tips

Trump and Harris propose eliminating tip taxes, but experts question its impact on workers and the federal budget.

USAFacts

How has the federal budget changed over time?

In fiscal year 2023, federal spending remained higher than before the pandemic.

USAFacts

The federal budget: an overview

In 2023, the US government brought in $4.47 trillion and spent $6.16 trillion.

Reason

Federal Budget Deficit Forecast Jumps $400 Billion, Fueled by Student Debt Forgiveness

The Congressional Budget Office reports the 2024 budget deficit will near $2 trillion.

International Business Times

Fiscal Year 2024 Federal Budget Deficit Surges To $1.9 Trillion, CBO Projects

This adjustment represents a 27% rise in the deficit forecast, attributed to factors such as increased Medicaid spending, the fallout from the 2023 banking crises, and the passage of a $95 billion aid package for Ukraine, Israel, and the Indo-Pacific region in April.

Top News

CBO Projects Record-High Deficit And Debt Levels

Congressional Budget Office report reveals a 0 billion increase in federal budget deficit, reaching record debt levels, posing challenges for future law...

Top News

Federal Budget Deficit To Reach Federal Budget Deficit To Reach Top News.9 Trillion This Year.9 Trillion This Year

CBO projects Federal Budget Deficit To Reach Top News.9 Trillion This Year.9 trillion deficit in 2024, trillion debt by 2034, highlighting fiscal challenges and need for solutions.

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