The conservative House Freedom Caucus slammed House Speaker Mike Johnson’s proposed top-line spending deal with Senate Democrats as a “total failure,” arguing the potential agreement costs about $68 billion more than the Louisiana Republican said it would.
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House Speaker Mike Johnson on Sunday said Congressional leaders reached a topline spending deal to avert a federal government shutdown by providing funding through the rest of the fiscal year.
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Connecticut’s revenues are down about $460 million, according to a new report, which says the state’s financial outlook remains positive despite a drop in tax collections.
The consensus revenue forecast, released by the Office of Policy and Management and Office of Fiscal Analysis on Monday, shows the state is likely to close out the fiscal year more than $630 million above initial budget projections. That’s still a surplus but well below the $1.1 billion projections when the budget was approved in June.
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While many lawmakers have preached for years the need for federal spending cuts, the amount of taxpayer money that Congress spends on its own operations has swelled 38% since FY2014 from $4.3 billion to $6.9 billion this year, according to a Just the News review of Congressional Research Service (CRS) reports on annual federal budgets.
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The Senate voted to pass the House’s stopgap funding bill on Saturday night by a vote of 88 to 9, avoiding a government shutdown that would have occurred at midnight, the end of the fiscal year. The bill will now go to the White House for President Biden’s signature.
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Florida Republican Rep. Matt Gaetz sparred with Fox News host Maria Bartiromo on Sunday over the impeachment probe of President Joe Biden and the potential government shutdown. Bartiromo said in her opening monologue on “Sunday Morning Futures” that Gaetz was disrupting “the Republican wins” by standing against stopgap funding measures.
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The House Freedom Caucus, a group of conservative lawmakers in the House, outlined Monday what conditions would need to be met for them to vote for a new spending bill.
The group is calling for spending bills to include provisions on border security, the “unprecedented weaponization” of the Justice Department and FBI, and the Pentagon’s “cancerous woke polices.” The lawmakers also oppose “any blank check for Ukraine in any supplemental appropriations bill.”
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“Don’t raise your voice, improve your argument.” Bishop Desmond Tutu in South Africa, 2004.
I must’ve used this quote a thousand times (primarily mitigating fights between contentious children of different ages) without even realizing its origin. I’ve often wondered why emotion-driven youths (and big people, too) simply amp up the volume when intellectually dueling with others rather than maintaining the discussion at an even keel and perhaps lulling their opponents into listening to what they’re saying – or screaming even louder.
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Connecticut Gov. Ned Lamont is touting a $51 billion, two-year state budget that includes the “largest” income tax cut in state history.
The spending plan, which he signed on Monday after winning approval from the Democratic-controlled General Assembly, increases state spending by about 7.5% over the next two fiscal years but keeps the expenditures under the state’s cap on spending.
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There’s enough revenue to pay interest on the debt even if the $31.4 trillion debt ceiling is reached.
Meaning, if the U.S. defaults on the debt on June 1, it will be because President Joe Biden chose not to make principal and interest payments on U.S. Treasuries out of existing revenue, for which there is more than ample revenues to service and refinance up to the current debt ceiling limit, $31.4 trillion.
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House Speaker Kevin McCarthy (R-Calif.) and the House Republican majority have unveiled their spending plan for the next decade, the Limit, Save, Grow Act, that will be tied to a $1.5 trillion increase in the $31.4 trillion national debt ceiling, the centerpiece of which imposes discretionary budget caps beginning in 2024, but which will be set at 2022 levels, which could save more than $3.2 trillion over the next decade, according to an estimate by the Committee for a Responsible Federal Budget.
While an official score still has not come in from the Congressional Budget Office, the proposal stands out as a promise kept on McCarthy’s part to use the must-pass debt ceiling to restore some semblance of fiscal sanity to the out-of-control federal budget and national debt, the latter of which the White House Office of Management and Budget projects will rise to a gargantuan $50.7 trillion by 2033.
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Connecticut Democrats are moving ahead with a $51 billion two-year budget that includes more money for education, health care, and other priorities.
The spending plan, approved Wednesday by the Legislature’s Democratic-led Appropriations Committee, calls for boosting spending in the next fiscal year by an estimated $400 million over Gov. Ned Lamont’s preliminary budget, filed in February.
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Republican Sen. Bill Cassidy of Louisiana accused the Biden administration of lying about its commitment to working with Congress to protect seniors’ social security benefits at a hearing of the Senate Finance Committee Thursday.
Cassidy asked Treasury Secretary Janet Yellen, who was testifying about President Joe Biden’s proposed budget for the fiscal year 2024, if the president was aware that “when [Social Security] goes broke in nine years” there would be a 24% cut in benefits for current recipients.
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The White House Office of Management and Budget (OMB) in the now-released President’s Budget is projecting just 0.6 percent in inflation-adjusted real growth of the U.S. economy in 2023 as the unemployment rate is expected to rise to 4.3 percent in 2023 and peak at 4.6 percent in 2024 after the economy is finished overheating from the continued, elevated inflation, consumers max out on credit and spending falls off a cliff.
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President Joe Biden on Thursday announced a $6.8 trillion budget for Fiscal Year 2024, which is $1 trillion more than his budget proposal last year.
Biden proposed increasing taxes in order to fund the budget.
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The fiscal hawks are sticking to their guns. On Friday, Sens. Ron Johnson (R-WI) and J.D. Vance (R-OH) joined 22 of their fellow Republican senators in a letter warning President Joe Biden that they will not vote for increasing the debt ceiling without structural reforms to the federal government’s budget and debt problems.
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The gridlock that paralyzed House Republicans over the past week in their quest to elect a new Speaker could be a foretaste of more to come, with party moderates and conservatives set to tangle in the months to come over raising the debt ceiling and reining in reckless government spending.
Although newly elected Speaker of the House Kevin McCarthy ultimately prevailed in his bid for the office over a small but determined band of House Freedom Caucus members, his slim GOP majority in the House will be vulnerable if and when conservatives rebel again down the road, as some are predicting, in an effort to reassert debt reduction as a top priority for the party.
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President Joe Biden sparked controversy for pushing through Congress increased federal funding for 87,000 new IRS employees to audit Americans, but Republican leadership has pledged to overturn that expansion if they win the majority.
House Republican Minority Leader Kevin McCarthy, R-Calif., pledged at a Pennsylvania event to “repeal” the IRS expansion.
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“Our expectation has been we would begin to see inflation come down, largely because of supply side healing. We haven’t. We have seen some supply side healing but inflation has not really come down.”
That was Federal Reserve Chairman Jerome Powell on Sept. 21, speaking to reporters following the central bank’s meeting where the Federal Funds Rate was once again increased 0.75 percent to its current range of 3 percent to 3.25 percent in a bid to combat sticky 8.3 percent consumer inflation the past year.
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U.S. Treasury Secretary Janet Yellen will testify before the Senate Finance Committee Tuesday, just days after she admitted she was wrong about inflation earlier in President Joe Biden’s term.
The hearing, which is on “the president’s fiscal year 2023 budget” will only feature testimony from Yellen, according to the committee’s website.
Biden’s budget likely will be under extra scrutiny as gas prices continue to hit record highs and inflation rises at the fastest level in decades.
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Officials in Connecticut have even more funds to use than originally expected, according to a new Consensus Revenue Forecast from the Office of Policy and Management.
The report projects more than $22 billion in General Fund revenue, a stark increase from estimated funds with the budget passed last year.
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Inflation is running rampant, federal spending is out of control, gas prices are at an all-time high and Americans are pessimistic on the future outlook of the economy. So what is President Joe Biden’s solution?
He has released a budget proposal that includes 36 tax increases on families and businesses totaling $2.5 trillion over the next decade. Alarmingly, this includes 11 tax increases on the oil and gas industry, taxes that will put a burden on households.
The budget doesn’t even include all the tax increases being pushed by Democrats because the budget omits the cost of tax increases within their stalled multi-trillion dollar Build Back Better Act. Instead of detailing these tax increases, the Biden budget includes a placeholder asserting that any new spending will be fully offset.
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