According to CBO, provisions in the Fiscal Responsibility Act of 2023 will result in a $1.5 trillion decrease to the deficit over the next 10 years.
The country’s fiscal trajectory got notably worse over the past year.
Let’s look at the trends in discretionary spending, and how effective they are in reducing the debt.
As part of a potential deal to raise the debt ceiling, policymakers are considering rescinding remaining funding for COVID-19 relief.
Federal spending for international affairs, which supports American diplomacy and development aid, is a small portion of the U.S. budget.
The treatment of carried interest continues to be one of the most controversial elements of the U.S. tax code.
SNAP is the largest federal program aimed at combating hunger and food insecurity among low-income Americans.
The Federal Reserve plays an important role in stabilizing the country’s economy.
The Congressional Budget Office (CBO) released updated budget and economic projections, which incorporate the effects of higher interest rates, annual appropriations, and other recent legislative and economic developments.
The recent volatility in interest rates show that breaching the debt ceiling could make federal borrowing much more expensive.
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