Republicans aimed to meet President Donald Trump’s Fourth of July deadline on the 940-page “big, beautiful” bill.

The changes made to President Donald Trump’s big tax bill in the Senate would pile trillions onto the nation’s debt load while resulting in even steeper losses in health care coverage, the nonpartisan Congressional Budget Office said in a new analysis, adding to the challenges for Republicans as they try to muscle the bill to passage.

President Donald Trump’s tax and budget bill would increase deficits by $2.8 trillion over the next decade after factoring in other economic effects.

The Republican tax bill approved by the House would cost the poorest Americans roughly $1,600 a year while increasing the income of the wealthiest households by an average of $12,000 annually.

Big changes are being proposed to a food aid program as part of President Donald Trump's tax-cut legislation.

Speaker Mike Johnson took clear sides Sunday in President Donald Trump’s breakup with mega-billionaire Elon Musk.

Procter & Gamble will cut up to 7,000 jobs, or approximately 6% of its global workforce, over the next two years as the maker of Tide detergent and Pampers diapers implements a restructuring program amid an environment dealing with trade wars and customers anxious about the economy.

President Donald Trump’s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall.

A small government office with some 275 employees has found itself caught in the political crossfire as Congress debates President Donald Trump’s “one big beautiful bill.”.

President Donald Trump’s big bill is likely to unleash trillions in tax cuts and slash spending, but also spike deficits by $2.4 trillion over the decade and leave some 10.9 million more people without health insurance.

Tech billionaire Elon Musk has blasted the tax cuts and spending plans backed by President Donald Trump that passed the House.

President Donald Trump faces the challenge of convincing Republican senators, global investors, voters and even Elon Musk that he won’t bury the federal government in debt with his multitrillion-dollar tax breaks package.

Defying opposition from within his ranks, House Speaker Mike Johnson insisted late Wednesday that Republicans would march ahead on their multitrillion-dollar tax breaks package.

Negotiations continued in Congress as Republicans aimed to pass President Donald Trump’s “one big, beautiful bill.”

House Republicans appear to be backing off some, but not all, of the steep reductions to the Medicaid program as part of their big tax breaks bill.

Weak population gains and increased government spending will result in slower overall economic growth over the next 30 years, the nonpartisan Congressional Budget Office said Thursday.

The United States is on track to hit its statutory debt ceiling — the so-called X-date when the country runs short of money to pay its bills— as early as August without a deal between lawmakers and the White House.

The national debt is slated to rise by $23.9 trillion over the next decade, a sum that does not include trillions of dollars in additional tax cuts being championed by President-elect Donald Trump.

The Congressional Budget Office has shrunk its projections for the U.S. population in 30 years to 372 million residents.

Donald Trump seemed poised to inherit a relatively strong economy when he begins a second term in the White House in January.

The Congressional Budget Office says it projects this year’s federal budget deficit to be $400 billion higher, a 27% increase compared to its original estimate released in February.

The nonpartisan Congressional Budget Office says it expects the federal government will be awash in debt over the next 30 years.

The Congressional Budget Office says it expects the federal budget deficit to drop by $188 billion this fiscal year to $1.5 trillion.

The U.S. Treasury has announced that the nation’s gross national debt has surpassed $34 trillion.

The Congressional Budget Office says it expects inflation to nearly hit the Federal Reserve’s 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years.

Even President Joe Biden has some regrets about the name of the Inflation Reduction Act.

The Congressional Budget Office reports that economic and job growth so far this year has been stronger than forecast in February, but an updated outlook sees parts of the economy as weakening through 2024.

The Congressional Budget Office is giving the world a concerning look at the U.S. government’s ledgers.

Even with new spending restraints included in the congressional debt limit deal, the U.S. government’s deficits are still on course to keep climbing to record levels over the next few decades.

Proposals to raise the nation's debt limit include spending cuts to coronavirus relief funds that haven't been used.

The Congressional Budget Office says this year’s projected federal budget deficit has jumped by $130 billion.

That big infusion of cash that Congress approved last year to shape up the beleaguered IRS is having an unexpected side benefit.

Treasury Secretary Janet Yellen has notified Congress that the U.S. could default on its debt as early as June 1, if legislators do not raise or suspend the nation’s borrowing authority before then and avert what could potentially become a global financial crisis.

House Republicans are pushing their top priorities in a bill to raise the debt limit.

House Republicans are pushing their debt ceiling package toward a vote.

It seems no one wants to cut Social Security or Medicare benefits.

The Congressional Budget Office says it expects the U.S. economy to stagnate this year.

The nation’s gross national debt has surpassed $31 trillion, according to a U.S. Treasury report released Tuesday.

The Congressional Budget Office estimates that President Joe Biden’s plan for student debt cancellation will cost about $400 billion over the next 30 years.

It’s been more than a year in the making and has seen plenty of ups and downs.

The Congressional Budget Office says that high inflation will persist into next year.

The House has passed legislation that would devote more federal resources to preventing domestic terrorism in response to the racist mass shooting in Buffalo, New York.

The House has passed legislation that would dramatically boost health care services and disability benefits for veterans exposed to toxic burn pits in Iraq and Afghanistan.

Democrats’ $1.85 trillion package of social and climate initiatives seems afflicted by a maddening parade of hurdles.

The Democrats’ social spending and climate change bill would put the United States back on a path to reducing its persistent pool of uninsured people.

The Treasury Department says the U.S. budget deficit rose to $2.71 trillion through August.

The U.S. budget deficit hit $2.54 trillion for the first 10 months of this budget year, fed by spending to support the country after the pandemic-induced recession.

Senators are struggling to wrap up work on the bipartisan infrastructure plan.

The signs and banners are dotted along suburban commercial strips and hanging in shop windows and restaurants, evidence of a new desperation among America’s service-industry employers: “Now Hiring, $15 an hour.”.

Senators negotiating two colossal bills that would deliver more than $4 trillion for infrastructure, health care, environment and other initiatives keep insisting both bills will be fully paid for.

The Congressional Budget Office says the federal budget deficit will again hit $3 trillion this year.

That is down dramatically from 14.8% last April, just after the virus erupted in the United States. AdAlso hiring last month were retailers, which added 41,000 jobs, health care companies, with 46,000, and manufacturers, with 21,000. But state and local governments have slashed 1.4 million jobs since the pandemic erupted, including 86,000 last month, and most have instituted hiring freezes. The Congressional Budget Office projects the nation will add a substantial 6.2 million jobs this year. Sounding an optimistic note, he said: “There’s good reason to expect job creation to pick up in the coming months."

The U.S. government's budget deficit hit $735.7 billion through the first four months of the budget year, an all-time high for the period, as a pandemic-induced recession cut into tax revenues while spending on COVID relief measures sent outlays soaring. The Treasury Department reported Wednesday, Feb. 10, 2021, that the deficit so far for the budget year that began Oct. 1 is 89% higher than the $389.2 billion deficit run up in the same period a year ago. Still, the deficit could soon be revised upward if President Joe Biden's $1.9 trillion coronavirus relief package becomes law. The CBO expects the budget deficit to fall to about $1 trillion in 2022 as the economy heals and there is less need for government spending. AdSeveral decades of deficit spending has meant that the total federal debt held by the public is slightly larger than GDP.

Based on the CBO's projections, economic growth would be the strongest since 1999. CBO projected an average of 521,000 jobs will be added monthly this year, a pace that would fall to 145,000 in 2022. Biden's supporters can point to the CBO's projection of a three-year recovery in hiring as a need for more aid. A faster vaccination process — the goal of both aid proposals — would help hiring and growth. A separate measure of economic growth in the CBO report that compares the fourth-quarters says growth would be 3.7% this year, a partial reflection of some of the gains that have already occurred in the middle of last year.

WASHINGTON – New, eye-popping federal budget figures released Thursday show an enormous $3.1 trillion deficit in the just-completed fiscal year, a record swelled by coronavirus relief spending that pushed the tally of red ink to three times that of last year. By that score, the flood of red ink in 2020 still blew past Obama's 2009 record, in which the deficit almost hit 10% of GDP. The CBO estimate is preliminary, based on daily Treasury reports, but is likely to match the official numbers due from Treasury and the White House budget office later this month. The figures come as Washington has been debating another round of COVID-19 relief, spending that Federal Reserve Board Chairman Jay Powell says is needed to ease the chances of a double-dip recession and a higher jobless rate. The COVID-related spike in the deficit obscures a smaller, steady rise in the deficit under President Donald Trump's watch.

WASHINGTON – The U.S. budget deficit hit an all-time high of $3 trillion for the first 11 months of this budget year, the Treasury Department said Friday. The deficit from October through August is more than double the previous 11-month record of $1.37 billion set in 2009. The Congressional Budget Office is forecasting the deficit this year will hit a record $3.3 trillion. The previous record deficit for a fiscal year was $1.4 trillion in 2009 in the aftermath of the financial crisis. Spending totaled $6.05 trillion, up from $4.16 trillion for the same period last year.

WASHINGTON The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger, the Congressional Budget Office said. Deficit scolds have long warned that rising levels of debt will serve as a drag on the economy in the coming years. The Federal Reserve has stepped in to keep credit markets stable and interest rates low for years as debt levels have risen. The CBO projected that the debt would exceed 100% of GDP in 2021 and set a new record high of 107% in 2021. CBO, the nonpartisan economic and research arm of Congress, predicts that deficit will total $13 trillion over the coming decade.