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The Fiscal Responsibility Act of 2023, passed in June 2023, resolved that year's debt-ceiling crisis and set spending caps for FY2024 and FY2025. The act called for $895 billion in defense spending and $711 billion in non-defense discretionary spending for fiscal year 2025, representing a 1% increase over fiscal year 2024. [10]
With portions of Trump's 2017 Tax Cuts and Jobs Act expiring this year, the party is looking to act quickly. But the tax debate in 2025 is expected to be more divided among Republicans than that ...
On May 22, the House Armed Services Committee approved its version of the 2025 National Defense Authorization Act, by a 57–1 vote. [6] As passed by the Committee, the bill included the Pentagon's controversial "Legislative Proposal 480", transferring Air National Guard space units to the Space Force; however, the Committee accepted an amendment proposed by Joe Wilson (R‑SC), watering down ...
Erie County Council approved the 2025 budget Thursday, raising property taxes to protect the county's reserves and overcome a bevy of clerical errors made by Erie County Executive Brenton Davis ...
The United States budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare, retirement, and defense programs.
The budget reduces property taxes, as the levy will go down 0.05% from about $94.57 million in 2024 to $94.53 million in 2025. Overall spending would increase 5.44% from $387.1 million in 2024 to ...
(The Center Square) – Spokane County passed its 2025 budget on Monday, decreasing total spending by nearly 6% while using up $57.4 million of its overall fund balance. The $864.8 million budget ...
Zero-based budget: This is defined as the budgetary process which requires each ministry/department to justify its entire budget in detail. It is a system of budget in which all government expenditures must be justified for each new period. Supplementary budget: This budget forecasts the budget of the coming year with regards to revenue and ...