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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]
The United States federal budget for fiscal year 2024 ran from October 1, 2023, to September 30, 2024. From October 1, 2023, to March 23, 2024, the federal government operated under continuing resolutions (CR) that extended 2023 budget spending levels as legislators were debating the specific provisions of the 2024 budget.
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 ...
PHOTO: Sen. John Thune talks to reporters about the proposed budget continuing resolution that would avoid a looming government shutdown at the U.S. Capitol, Dec. 18, 2024, in Washington. (Chip ...
December 25, 2024 at 3:00 AM. ... The issue that looms across much of Trump's economic agenda is America's soaring national debt, which recently passed the $36 trillion mark and has spurred budget ...
The U.S. Federal Reserve is expected to reduce its benchmark policy rate by a quarter of a percentage point at the end of its policy meeting on Thursday, a decision that may seem a footnote given ...
The National Defense Authorization Act is an annual bill proposed in the United States Congress that redefines the United States military budget for the following fiscal year. [ 2 ] [ 3 ] Each chamber of Congress introduced a version of the NDAA: H.R. 2670 in the House and S. 2226 in the Senate .
The US economy is on solid footing right now. Economists at Bank of America expect it to stay that way through next year. In a research note released to reporters on Monday, BofA's economics team ...