Congress · 119th Congress
Court ruling puts federal revenue forecast on shaky ground
And after accounting for slower economic growth, the net revenue haul would shrink to $1 trillion.
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Congress · 119th Congress
After shutdown delay, hearing set on congressional stock trading
↵↵But the push to ban members from owning or trading stocks, which goes back years and seemingly had been picking up momentum, was derailed by the shutdown that began on Oct. 1.
Congress · 118th Congress
CBO: Debt limit to hit as soon as July, budget picture worsens
That compares to already slowing growth in 2022, when the economy expanded by an inflation-adjusted 1 percent, down sharply from the previous year coming out of the pandemic-induced downturn.
Policy · 118th Congress
Little-noticed US funding for China tech sector now draws scrutiny
Corrected 1:18 p.m. | Even as Washington takes a hard line on keeping U.S. technology and data beyond China’s reach, the federal government has thus far been slow to close another channel of technology
Policy · 118th Congress
McCarthy, Biden to meet in hopes of avoiding debt limit debacle
President Barack Obama met with House Republicans on June 1 to discuss the budget and debt limit, and he played golf with Boehner later in the month.
Congress · 118th Congress
Manchin pushes stricter electric vehicle credit rules
Manchin’s new bill would retroactively put into effect battery and critical mineral sourcing mandates starting from Jan. 1 of this year, rather than giving leeway until Treasury produces guidance
Congress · 118th Congress
Parties dig in for protracted fight over debt ceiling
the National Action Network’s Annual MLK Day Breakfast he mocked Republicans for talking about “big-spendin’ Democrats” when the deficit dropped by roughly $350 billion in fiscal 2021 and more than $1
Congress · 118th Congress
Debt limit battle set to dominate 2023 fiscal agenda
Vought’s plan has no cuts to Social Security benefits now or in the future, and claims the same for Medicare benefits although it would slice $1 trillion from payments to health providers who serve
Policy · 117th Congress
Biden faces international climate-aid challenge in fiscal 2024
The Obama administration, for example, gave $1 billion toward international climate financing through that fund, said Niranjali Amerasinghe, executive director of ActionAid USA, the American wing of an
Policy · 117th Congress
Deficit cut in half last year, but more red ink lurks
For the fiscal year that began Oct. 1, the White House in August projected a deficit in the $1.3 trillion to $1.4 trillion range, depending on what policies are enacted.
Congress · 117th Congress
Biden signs major climate, health care and tax bill into law
The package is estimated to cut the federal deficit by about $300 billion over the next decade, thanks to revenue raisers that include a 15 percent minimum tax on the largest corporations, a 1 percent
Congress · 117th Congress
Sweeping budget package passes Senate; House on deck Friday
[Sinema ready to advance budget bill after tax changes] The new taxes that made it into the Senate’s final bill are a 1 percent tax on what public companies spend on stock buybacks and a 15
Congress · 117th Congress
Lawmakers who ran on ‘SALT’ relief prepare to face voters
Senate Democrats pushed back against the House-passed provision, which would deliver more than 30 percent of the tax benefit to the top 1 percent of households based on income, according to the Tax Policy
Policy · 117th Congress
SEC’s new crypto enforcers are coming for DeFi, lawyers say
Sithian of Crowell & Moring LLP said scrutiny is likely over algorithmic stablecoins, which are digital assets that use a market-based arbitrage system, controlled by computers, to maintain a value of $1
Congress · 117th Congress
Bipartisan crypto bill outlines regulatory, tax framework
The drop in value of some cryptocurrencies in May, including the algorithmic stablecoin Terra, which lost its $1 peg, was followed by dips in other cryptocurrencies including bitcoin and Tether.
Policy · 117th Congress
Unexplained tax revenue growth vexes budget scorekeepers
Back out the last two years of that budget window when major pieces of the tax law are set to expire, and total revenue is still on pace to come in $1 trillion higher than the June 2017 forecast
Policy · 117th Congress
Terra’s stablecoin flop raises questions about regulatory role
Terra had been the largest “algorithmic” stablecoin, a digital asset designed to always maintain a value of $1 through market incentives rather than backing by cash or securities.
Policy · 117th Congress
Tax revenue boom fuels steep budget deficit decline
Those figures suggest a less-than-$1 trillion deficit for the current fiscal year, dramatically undershooting prior forecasts by the CBO and White House budget office.
Policy · 117th Congress
Critics see risk in ‘algorithmic’ stablecoins
If the price of the stablecoin rises above $1 based on investor demand, a Luna holder can swap $1 worth of Luna for that coin, making a profit from the higher price.
Policy · 117th Congress
Lawmakers, regulators seek long-term care insurance solutions
The Congressional Budget Office projected spending on long-term care for the elderly will increase from 1 percent of gross domestic product in 2010 to 3 percent in 2050.