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The Latest Breaking News from Federal Budget

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

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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

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

The Independent UK

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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.

Top News

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?

Barchart

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.

Top News

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.

USAFacts

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.

Reason

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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.

The Independent UK

Congressional Budget Office projects a $400 billion increase in this year’s federal deficit

The Congressional Budget Office said Tuesday that it projects a federal budget deficit increase of $400 billion or 27% this year, from its last budget outlook released in February

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The Conversation

A rush on critical minerals is coming for our most remote and disadvantaged communities

The Australian mining industry was promised billions of dollars in last week’s federal budget to boost critical minerals such as lithium, copper and rare earth metals. This includes tax incentives, an innovation fund and money for Geoscience Australia to map these resources.

The Conversation

The budget pledged $12.5 million for free menstrual products in Indigenous communities. Here’s why it’s needed

Last week’s federal budget committed A$12.5 million over four years to deliver tampons, pads and other period care products to people who menstruate in rural and remote Indigenous communities.

AAP

Green iron to go ahead under future industries push

Production tax incentives unveiled in the federal budget are expected to benefit places like Gladstone and help them secure a spot in the net zero economy.

The Conversation

The budget has earmarked $8.6 million for live music. Is it enough to save the flailing industry?

Leading music organisations have praised the federal budget for its investment in the live music sector.

The Conversation

There’s $110 million for Indigenous education in the budget. But where’s the evidence it will work?

The 2024 federal budget contains A$110 million for Indigenous education. This includes funding for various different organisations to represent and help Indigenous people as well as scholarships in a bid to close the gap between Indigenous and non-Indigenous learning and achievement.

Newcastle Herald

Cost-shifting 101: a repeat lesson for local governments

Federal budget leaves country and regional councils, and their ratepayers, begging again

The Conversation

PrEP was earmarked $26m in the budget. What is it? Will it stop me getting HIV?

HIV prevention was allocated A$43.9 million over three years in this week’s federal budget. Some $26m of this is for “PrEP” for people without access to Medicare.

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