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Federal debt is nearing “unsustainable” levels, but low interest rates have created a window of opportunity for policy-makers to rein it in, the Congressional Budget Office said Monday, delivering a mixed outlook for the government’s long-term outlook. Federal spending, currently 21% of gross domestic product, will rise to 31% by 2050, with most of that…
Uncle Sam collected $563 billion in July, the Congressional Budget Office said Monday, setting a new monthly record for federal income and helping slow the growth of the record-shattering deficit that’s built up during the coronavirus pandemic. CBO said about half of that money comes from the IRS’s delayed tax deadlines. The agency moved its…
The U.S. budget deficit widened to a record-high $864 billion last month because of the federal government’s extraordinary response to the coronavirus pandemic, the Treasury Department said on Monday.In June 2019, the budget deficit was just $8 billion.Federal spending rose to more than $1.1 trillion in June, more than twice what the U.S. government spends…
Rep. Alexandria Ocasio-Cortez declared Tuesday that “defunding police means defunding police” and that proposed budget cuts to the New York City Police Department aren’t enough to combat inequality. “Defunding police means defunding police,” the Democrat said in a statement Tuesday to the Gotham Gazette, Fox News reported. “It does not mean budget tricks or funny…
After years of free-flowing spending that's driven his liberal agenda through a record bull market, the Democratic mayor is scrambling as the locked down, virus-ravaged city's shortfall surged $1.6 billion over the past month alone. De Blasio said he wants the option to borrow his way out of the hole — barring a multi-billion-dollar coronavirus…
U.S.|Grand Juror in Breonna Taylor Case Says Deliberations Were MisrepresentedThe Kentucky attorney general’s office said it would release the panel’s recordings after a grand juror contended in a court filing that its discussions were inaccurately characterized.Breonna Taylor's family and the lawyer Ben Crump, right, said the charges a Kentucky grand jury agreed upon in the…
(John Finney Photography/Moment/Getty Images) An abnormally bad season of weather may have had a significant impact on the death toll from both World War I and the 1918 Spanish flu pandemic, according to new research, with many more lives being lost due to torrential rain and plummeting temperatures. Through a detailed analysis of an ice…