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The aim of the commission is to cut government spending. The US spent $6.75 trillion in fiscal year 2024, with Social Security and health topping the list. President-elect Donald Trump has ...
President Donald Trump has pursued a radical overhaul of the U.S. government since taking office on January 20, aiming to slash spending and dramatically downsize the 2.3 million strong civil service.
The budget deficit should be cut to 3% of GDP from what it is currently projected to be (about 6% of GDP), and these cuts can come from 3 sources (spending cuts, tax increases, and interest rate ...
According to The Associated Press, “A 2023 debt ceiling and budget-cuts deal between Republicans and the White House resulted in $1.4 billion rescinded from the agency and a separate agreement ...
This isn't a worry just for data journalists like us, either. ... the Trump administration's intention to cut parts of the federal budget, many will survive — they won't necessarily be evaluated ...
Political debates about the United States federal budget discusses some of the more significant U.S. budgetary debates of the 21st century. These include the causes of debt increases, the impact of tax cuts, specific events such as the United States fiscal cliff, the effectiveness of stimulus, and the impact of the Great Recession, among others.
The blue line (August 2012 baseline) was the "current law" baseline, with tax increases and spending cuts that would take effect if laws were not changed. The grey line (March 2012 alternative baseline) was the "current policy" baseline, which represented the avoidance of the tax increases and spending cuts.
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]