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☆ Fact check: Biden makes false and misleading claims during Pennsylvania campaign swing
▼ + stars: | 2024-04-19 | by ( Daniel Dale | ) edition.cnn.com time to read: +16 min

Washington CNN —President Joe Biden spent three days this week campaigning in the critical swing state of Pennsylvania. (The White House corrected the official transcript of Biden’s speech to make clear Biden should have said 2025 instead of 2024.) In other words, there will clearly still be some big and profitable corporations paying no federal income tax despite the existence of the new Biden tax. The center found that the top 0.1% of households paid an average effective federal tax rate of about 30.3% in 2020, including an average income tax rate of 24.3%. “The deficit is a trillion dollars lower, roughly, than when President Biden took office.

Persons: Joe Biden, Ambrose Finnegan, Biden, Jill Biden, PolitiFact, they’ll, it’s, “, Tami Luhby, —, ’ They’ve, Fuxian Yi, Yi, “ It’s, Derek Scissors, Trump, ” Biden, Biden’s “, Matthew Gardner, ” Howard Gleckman, Gleckman, Emmanuel Saez, Gabriel Zucman “, ”, I’ve, Donald Trump, ” Marc Goldwein, Goldwein, he’s, Afghanistan Biden, Biden’s, Finnegan, Finnegan “, Donald Judd, spokespeople, Andrew Bates Organizations: Washington CNN, Defense, Medicare, China, University of Wisconsin, Madison, American Enterprise Institute, CNN, Taxation, Economic, US, Biden, White, Urban, Brookings Tax, Urban Institute, University of California, Tax, Center, Trump, Federal Budget, Washington Post, Defense Department, Defense POW Locations: Pennsylvania, China, Iraq, Afghanistan, Scranton, Pittsburgh, America, Berkeley, “, New Guinea, ” New Guinea

CNN —There may not be any lasting major negative ramifications from the surprise US credit rating downgrade by Fitch this week — not for the economy, not for consumers and not for the government’s ability to borrow. Normally, when your credit score as a consumer falls — or your credit rating as a country — there are negative consequences. Here’s why the United States is unlikely to see that kind of impact from the Fitch downgrade. The downgrade wasn’t a huge dropFitch cut its US credit rating to AA+ from what had been a sterling AAA rating. “Fitch’s credit rating is an expression of the probability of a default.

Persons: You’re, Fitch, “, brinkmanship, Marc Goldwein, you’re, ”, Mark Zandi, Yellen, Jamie Dutta, Dutta, ” George Mateyo, ” Mateyo, ” José Torres, Torres, it’s, ” Torres, Uncle Sam, CRFB, – CNN’s Krystal Hur, Allison Morrow Organizations: CNN, Fitch, AAA, Committee, U.S . Treasury, Moody’s, AA, “, Vantage, Key Private Bank, Federal Reserve, Interactive Brokers, Moody’s Investors Service, Treasury, Congressional, Social Security Locations: United States, States, corporates, United

☆ Some House Republicans want to hold up a major tax bill until it includes a big break for wealthy blue state residents
▼ + stars: | 2023-07-27 | by ( Juliana Kaplan | Eliza Relman | ) www.businessinsider.com time to read: +5 min

Some House Republicans are pushing yet again to revisit the SALT deduction. That State and Local Tax deduction — known as SALT — has proven to be a bipartisan scourge, with Republicans and Democrats alike from impacted areas rallying to restore the tax break to a more generous level. "I remain adamantly opposed to the SALT cap," Rep. Chris Smith (R-NJ), who spoke out and voted against the legislation that created the SALT cap in 2017, told Insider in a statement. "I promised Long Islanders I would fight tooth and nail to restore our SALT deduction. He added: "There is bipartisan support for restoring the SALT deduction which will put direct pressure on Republican leadership to listen to the millions of struggling middle-class families and take action to restore SALT."

Persons: —, Donald Trump's, Chris Smith, Smith, Long, New York Republican Nick LaLota, Marc Goldwein, Goldwein, Joe Biden's, Howard Gleckman, Gleckman, Josh Gottheimer, Katie Porter, Andrew Garbarino, California's Young Kim, Gottheimer Organizations: Republicans, GOP, Service, Politico, Washington Post, Long Islanders, New York Republican, Federal Budget, Democrats, Center, Democratic, Tax Locations: Wall, Silicon, it's, New York , New Jersey, California, New Jersey, Washington, California , New York, New York, Katie Porter of California, Jersey

☆ Student-loan ruling may be windfall for US deficit reduction
▼ + stars: | 2023-06-30 | by ( David Lawder | ) www.reuters.com time to read: +4 min

The debt relief program had been blocked by the legal challenges that led to the Supreme Court's decision. The move had the effect of limiting a dramatic reduction in the fiscal 2022 deficit to $1.375 trillion from $2.775 trillion the prior year. Without the advance recognition, the deficit would have fallen below $1 trillion as COVID relief programs ended and revenues surged. A reversal of more than $300 billion would make it appear that this year's fiscal deficit fell slightly from 2022. "It's deficit reduction relative to a deficit increase that never really went into effect," Goldwein said.

Persons: Joe Biden's, Marc Goldwein, Goldwein, Biden, Shai Akabas, David Lawder, Andrea Ricci Organizations: U.S, of Education, Department, Treasury, Committee, Federal, Congressional, Center, Department of Education, Thomson Locations: U.S

☆ CRFB senior policy director Marc Goldwein: We should've ended student loan pause two years ago
▼ + stars: | 2023-06-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCRFB senior policy director Marc Goldwein: We should've ended student loan pause two years agoMarc Goldwein, senior vice president at the Committee for a Responsible Federal Budget, joins 'Squawk Box' to discuss the latest on the student loan payment pause, as borrowers brace for a restart of monthly payments in September as part of the debt ceiling legislation.

Persons: Marc Goldwein, should've Organizations: Federal Budget

☆ What Would the G.O.P. Plan Actually Do to the Budget?
▼ + stars: | 2023-05-08 | by ( Margot Sanger-Katz | Alicia Parlapiano | ) www.nytimes.com time to read: +12 min

Budget Cuts in the G.O.P. If every agency is cut If defense, veterans’ health and border security are spared Defense Defense –18% 0% No change Veterans' medical Veterans' medical –18% 0% No change Health and Human Services Health and Human Services –18% –51% Education Education –18% –51% Housing and Urban Development Housing and Urban Development –18% –51% Homeland Security Homeland Security –18% 0% No change Justice Justice –18% –51% State State –18% –51% Transportation Transportation –18% –51% Agriculture Agriculture –18% –51% International aid International aid –18% –51% NASA NASA –18% –51% Veterans (other) Veterans (other) –18% –51% Energy Energy –18% –51% Interior Interior –18% –51% Treasury Treasury –18% –51% Labor Labor –18% –51% Social Security Administration Social Security Administration –18% –51% Commerce Commerce –18% –51% Environmental Protection Agency Environmental Protection Agency –18% –51% Corps of Engineers Corps of Engineers –18% –51% Other Other –18% –51% Source: Analysis of Congressional Budget Office data by Bobby Kogan, Center for American Progress Note: Figure shows base discretionary budget authority totals for 2024-2033. The New York TimesThe charts above show how exempting big categories of spending would make the budget caps more draconian. The budget caps aren’t the only changes in the current House bill that would reduce federal spending. tax enforcement Budget cuts would reduce tax collections, reducing the savings in the rest of the bill –$120 billion Sources: Committee for a Responsible Federal Budget ; Congressional Budget Office Note: TANF refers to the Temporary Assistance for Needy Families program.

☆ Insolvency is on the horizon for Social Security, Medicare funds, expert says. These changes may help
▼ + stars: | 2023-04-05 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

The research finds 37.8% of adults 65 and over would have incomes below the official poverty line without Social Security benefits. With Social Security benefits, 9% of older adults have incomes below the poverty line. But reducing poverty through and outside of Social Security beyond a sliding scale minimum benefit may be a better approach, she said. Moreover, the maximum Social Security retirement benefit is two to three times higher than what countries like the United Kingdom, Canada or Australia pay. "We're going way, way beyond a pure safety net program," Biggs said.

But unspent COVID aid is a small target, with less than $80 billion unspent as of January, White House budget figures show. CARPENTERS, VETERANS AND MEDICAL RESEARCHReclaiming unspent COVID funds would have real-world repercussions. A clawback could also affect veterans' healthcare, as the Department of Veterans Affairs has yet to spend $4.6 billion of the money it received for COVID-19 related care. Republican governors of Nebraska and Arkansas last year rejected a second round of aid for people behind on their rent. Republican Senator Rick Scott in January urged governors and mayors to voluntarily return that money to help pay down federal debt.

☆ If you want to balance the budget without raising taxes or cutting defense, Social Security, and Medicare, you'd probably have to fire nearly every park ranger and cut 70% of anti-poverty spending
▼ + stars: | 2023-03-07 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

That is, if tax increases, defense spending, Social Security, and Medicare remain off the table. "The thing is the government has basically three gigantic programs and it's the US military, Social Security, and Medicare," Goldwein said. "The idea we're just going to eliminate all parts of government other than Social Security, Medicare, and defense — it's just not realistic, or desirable," Goldwein said. Meanwhile, Democrats await Republicans' plan to move ahead with a deal to raise the debt ceiling before the US defaults. The hard right demands spending cuts," Senate Majority Leader Chuck Schumer wrote on Twitter.

Chart showing the percentage cut the committee would make to each area of government spending to balance the budget over 10 years. 8 8 8 Deficit 6 6 6 4 4 4 Spending Spending Spending Revenue Revenue Revenue 2 2 2 2023 2033 2023 2033 2023 2033 Current projections Deficits are projected to grow to $2.7 trillion by 2033. 8 8 8 Deficit 6 6 6 4 4 4 Spending Spending Spending Revenue Revenue Revenue 2 2 2 2023 2033 2023 2033 2023 2033 Eliminate by increasing taxes Current projections Eliminate by cutting spending Deficits are projected to grow to $2.7 trillion by 2033. plan to balance budget 50% Projections 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 Current trajectory 200% of G.D.P. plan to balance budget 50% Projections 1930 1960 1990 2020 2050 Sources: Committee for a Responsible Federal Budget; Congressional Budget Office; Republican Study Committee Note: Both plans were released in 2022 and are based on outdated baseline projections; their debt reduction may differ modestly.

WASHINGTON — Republicans, newly empowered with a House majority, are demanding spending cuts as a price for lifting the debt ceiling and averting a catastrophic default on U.S. debt. Republicans are divided over whether Medicare and Social Security spending should be on the chopping block. Jose Luis Magana / APLuna said she wants to do it without tax increases or Social Security or Medicare cuts. The White House has vowed that Biden won’t grant concessions on the debt limit and that paying the country’s bills is non-negotiable. But I think we’ve got to also honor our commitment to Americans when it comes to Social Security and Medicare,” Garcia continued.

☆ U.S. 2022 budget deficit halves to $1.375 trillion despite student loan costs
▼ + stars: | 2022-10-21 | by ( David Lawder | ) www.reuters.com time to read: +4 min

WASHINGTON, Oct 21 (Reuters) - The U.S. government on Friday reported that its fiscal 2022 budget deficit plunged by half from a year earlier to $1.375 trillion, due to fading COVID-19 relief spending and record revenues fueled by a hot economy, but student loan forgiveness costs limited the reduction. "You know, we've gone from an historically strong economic recovery to a steady and stable growth, while reducing the deficit," Biden said. Outlays for fiscal 2022, which ended Sept. 30, fell by a record $550 billion, or 8% from last year to $6.272 trillion. The move brought the September budget deficit to $430 billion, more than six times the prior-year September deficit of $65 billion. It also includes the extension of a COVID-19 moratorium on all student loan payments until the end of 2022, which added about $21 billion in budgetary costs.

☆ U.S. FY 2022 budget deficit halves to $1.375 trln despite student loan costs
▼ + stars: | 2022-10-21 | by ( David Lawder | ) www.reuters.com time to read: +3 min

Outlays for fiscal 2022, which ended Sept. 30, fell by a record $550 billion, or 8% from last year to $6.272 trillion. Register now for FREE unlimited access to Reuters.com RegisterThe move brought the September budget deficit to $430 billion, more than six times the prior-year September deficit of $65 billion. It also includes the extension of a COVID moratorium on all student loan payments until the end of 2022, which added about $21 billion in budgetary costs. Rising interest costs also will start to consume a bigger share of the federal budget, the non-partisan fiscal referee agency predicts. The CBO had forecast a fiscal 2023 deficit of about $984 billion, with deficits rising steadily thereafter to nearly $2 trillion by 2030.

☆ Biden's student loan relief plan will cost $400 billion. Republicans call it 'unsustainable' and Democrats say it will give 'Americans more breathing room.'
▼ + stars: | 2022-09-26 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

A new report from the Congressional Budget Office finds student loan relief will cost $400 billion. Now, the nonpartisan Congressional Budget Office is shedding light on how much relief will cost: $400 billion, plus $20 billion from outstanding loan payments and interest being paused through December. The $400 billion also pales in comparison to major expenditures from the administration, like $796 billion on defense in 2022. The student loan relief will disproportionately impact Black and Latino borrowers, millennials, and public servants such as teachers, police, and non-profit workers. "Today's CBO estimate makes clear that millions of middle class Americans have more breathing room thanks to President Biden's historic decision to cancel student debt," Sens.

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