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As the co-heads of the newly created Department of Government Efficiency, or DOGE, billionaires Elon Musk and Vivek Ramaswamy are promising to slash at least $2 trillion from the federal budget.
As a percentage of GDP, the annual deficit has nearly doubled in just 10 years, from 2.8% in 2014 to a projected 5.3% in 2024. So there's just a lot more borrowing to pay interest on.
The federal budget deficit will balloon from $1.6 trillion this fiscal year to $2.6 trillion in fiscal year 2034, according to the latest Congressional Budget Office outlook released Wednesday.
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.
The budget resolution will complete Trump’s wall on the southern border and hire more Immigration and Customs Enforcement (ICE) officers, Border Patrol agents and federal prosecutors, as well as ...
A series of three continuing resolutions were passed to initially fund government operations: [4]. The Continuing Appropriations and Ukraine Supplemental Appropriations Act, 2023 (Pub. L. 117–180 (text)) to December 16, which also included supplemental appropriations for aid to Ukraine in its war against Russia.
The Trump administration’s Office of Management and Budget released a new memo Wednesday rescinding a controversial memo issued late Monday that froze a wide swath of federal financial ...