Us Budget

US budget deficit falls slightly to $1.78 trillion on record tariff revenue

President Donald Trump's dramatic tariff hikes helped spur a net $195 billion in tariff revenue for the fiscal year, which ended September 30

Trump moves to cancel $4.9 bn in foreign aid, clashing with US Congress

US President Donald Trump seeks to cancel $4.9 bn in foreign aid using a 'pocket rescission', bypassing Congress. Lawmakers say the move is illegal under US budget law

US July budget deficit up 20% Y-o-Y despite record Trump tariff income

The US budget deficit in July climbed 20 per cent this fiscal year compared to the last despite the US taking in record income from President Donald Trump's tariffs, according to Treasury Department data released Tuesday. The US saw a 273 per cent increase - or USD21 billion - in customs revenue in July over the same period last year, the data showed. A Treasury official who spoke on the condition of anonymity to preview the data said overall increased spending is in part due to a mix of expenditures, including growing interest payments on the public debt and cost-of-living increases to Social Security payouts, among other costs. This comes as the federal government's gross national debt creeps up to the USD37 trillion mark. Even as Trump talks about America becoming rich because of his import tax hikes, federal spending keeps outpacing the revenues collected by the government. That financial picture might change as companies exhaust their pre-tariff inventories, forcing them to ...

Trump's tax law squeezes poor, boosts income for wealthy, says CBO

Earners in the middle of the distribution will see their annual resources grow by about $800 to $1,200 on average, according to the analysis

Donald Trump sues PBS, NPR board members for refusing to leave their posts

US President Donald Trump has filed a lawsuit to remove three board members of PBS and NPR who refused to vacate their positions after being dismissed in April

Trump tax bill to add $2.42 trn to US deficit: Congressional Budget Office

House Republicans narrowly passed the bill last month, and it now faces opposition in the Senate, where multiple lawmakers have expressed varying demands for changes

House GOP pushes Trump tax cuts bill but report says it will add to deficit

House Republicans are pushing to vote on their multi-trillion-dollar tax breaks package as soon as Wednesday, grinding out last-minute deal-making to shore up wavering GOP support and deliver on President Donald Trump's top legislative priority. Trump himself had instructed the Republican majority to quit arguing and get it done, his own political influence on the line. But GOP leaders worked late into the night to convince sceptical Republicans who have problems on several fronts, including worries that it will pile onto the nation's USD 36 trillion debt. A fresh analysis from the Congressional Budget Office said the tax provisions would increase the federal deficit by USD 3.8 trillion over the decade, while the changes to Medicaid, food stamps and other services would tally USD 1 trillion in reduced spending. The lowest-income households in the US would see their resources drop, while the highest ones would see a boost, the CBO said. Republicans prepared to hunker down at the ...

Trump unveils $163 bn budget cut; prioritises defence, security funding

The so-called skinny budget is an outline of administration priorities that will give Republican appropriators in Congress a blueprint to begin crafting spending bills

White House to unveil Trump's 2026 budget with indepth federal cuts

The White House is planning on Friday to unveil President Donald Trump's 2026 budget, a sweeping framework that is expected to propose steep reductions, if not a wholesale zeroing out, of various federal programmes as part of his administration's priorities. Budgets do not become law but serve as a touchstone for the upcoming fiscal year debates. Often considered a statement of values, this first budget since Trump's return to the White House carries the added weight of defining the Republican president's second-term pursuits, alongside his party in Congress. The White House's Office of Management and Budget, headed by Russell Vought, a chief architect of Project 2025, confirmed Friday's planned release. It is expected to be the so-called skinny version of topline numbers, with more details to come. Details soon, Vought said during a Cabinet meeting this week at the White House. The nation's estimated USD 7 trillion-plus federal budget has been growing steadily, with annual deficit

Trump plans record $1.01 trillion national security budget this year

The defense budget will fund the Golden Dome missile defense project, shipbuilding and nuclear modernization, border security among its top priorities

After passing budget plan, hard part of lawmaking begins for Republicans

Republicans narrowly got their budget plan over the finish line. Now comes the hard part. The resolution adopted this week was only a first step that allows Republicans to draft legislation that they can push through Congress without Democratic support. Next, they begin crafting a final bill with enough spending cuts to satisfy those on the right while not jeopardizing the reelection prospects of more vulnerable lawmakers whose constituents rely on key safety net programs. With thin majorities in the House and Senate, Republicans can afford to lose hardly any votes from their side of the aisle as they draft legislation, giving every individual lawmaker leverage over the process. It's going to take all of us to get it done, said House Majority Leader Steve Scalise, R-La. The road ahead is daunting. Republicans are determined to extend the individual tax cuts that were approved during President Donald Trump's first term before they expire at year's end. But they intend for the ...

US budget deficit hits $1.3 trn in six months, second highest on record

The US budget deficit has grown to more than $1.3 trillion in the first half of the 2025 fiscal year the second highest six-month deficit on record, according to Treasury Department data. The deficit for October through March spans the administrations of President Joe Biden and President Donald Trump. The previous high in the four decades of recordkeeping was $1.7 trillion in the first half of fiscal year 2021, when the government was tackling the COVID-19 pandemic, said the data released Thursday. A Treasury official who spoke on the condition of anonymity to preview the data said the increased spending was in part due to a mix of expenditures, including cost of living increases to Social Security payouts, higher Medicare and Medicaid costs, increased disaster assistance to the Federal Emergency Management Agency and Defense Department spending. The widening deficit, which occurs when spending exceeds the amount of money being raised, comes as the Trump administration has touted a

House GOP holdouts threaten Trump's budget, tax cut bill as votes delayed

Despite a shove from US President Donald Trump, House Republicans abruptly postponed a vote late Wednesday on their budget framework, unable to convince conservative GOP holdouts who had raised grave misgivings over allowing trillions of dollars in tax breaks without deeper spending cuts. Speaker Mike Johnson almost dared the Republican hardliners to defy Trump and risk upending what the president calls the big, beautiful bill", which is central to his agenda of tax cuts, mass deportations and a smaller federal government. In the end, he had to hit pause, but vowed to try again Thursday. Don't doubt us, Johnson said, after a more than hourlong huddle with GOP lawmakers. Just give us a little space to do our work. Pushing the budget framework forward would log another milestone for Johnson, who had set a deadline of the congressional spring break recess Thursday for advancing the resolution. A failed vote, particularly as the economy was convulsing over Trump's trade wars, would be a

Donald Trump backs budget fix to restore DC funds, urges House to pass it

President Donald Trump is pushing the House of Representatives to pass a measure that would prevent immediate financial disaster for the District of Columbia even as he continues to level harsh criticism at the city and its leaders. In a Friday morning post on Truth Social, he wrote, The House should take up the D.C. funding fix' that the Senate has passed, and get it done IMMEDIATELY. It's the first direct public indication from the Republican president that he supports efforts to restore a USD 1.1 billion hole in the district's budget, and it's a major boost for Democratic Washington Mayor Muriel Bowser's campaign to reverse a legislative change that she says would devastate the capital city. Earlier this month, the House passed a federal government funding bill that would force the district's government to revert to its 2024 budget parameters, effectively cutting USD 1.1 billion from its budget midway through the financial year. Bowser spearheaded an intense congressional lobbyi

Tackling debt: Trump 2.0 actions, inactions to revive the US economy

Trump told reporters that the effort to slash spending could cut $1 trillion from the federal budget, which totaled $6.75 trillion in the most recent fiscal year

US elections: Musk wants $2 trn cut from federal budget. It'd be difficult

His target exceeds the amount Congress spends annually on govt agency operations, including defence. It would likely require making significant cuts to popular entitlement programmes

Biden's budget proposal for second term offers tax breaks for families

President Joe Biden on Monday released a budget proposal aimed at getting voters' attention: It would offer tax breaks for families, lower health care costs, smaller deficits and higher taxes on the wealthy and corporations. Unlikely to pass the House and Senate to become law, the proposal for fiscal 2025 is an election year blueprint about what the future could hold if Biden and enough of his fellow Democrats win in November. The president and his aides previewed parts of his budget going into last week's State of the Union address, and they provided the fine print on Monday. If the Biden budget became law, deficits could be pruned $3 trillion over a decade. It would raise tax revenues by a total of $4.9 trillion over that period and use roughly $1.9 trillion to fund various programs, with the rest going to deficit reduction. The president traveled Monday to Manchester, New Hampshire, where he called on Congress to apply his $2,000 cap on drug costs and $35 insulin to everyone, not

US budget gap soars to $1.7 trillion, largest outside Covid-19 era

The Treasury Department said the deficit was the largest since a covid-fueled $2.78 trillion gap in 2021

US defence budget speeds toward $1 trillion, keeping China in mind

The Pentagon intends to load up on advanced missiles, space defence and modern jets in its largest defence request in decades in order to meet the threat it perceives from China. The spending path would put military's annual budget over the USD 1 trillion threshold in just a matter of years, its chief financial officer said Monday. The administration is asking Congress for USD 842 billion for the Pentagon in the 2024 budget year. It's the largest request since the peak of the Iraq and Afghanistan wars in the mid-2000s, when the weight of hundreds of thousands of troops deployed in those overseas conflicts ballooned overseas war spending. Now, the budget could surge again. That's in part to meet the higher cost of weapons and parts, but also to answer the vulnerabilities that the Ukraine war has exposed in the U.S. defense industrial base, and the strategic threat the U.S. sees from China's rapidly growing nuclear arsenal, its hypersonic capabilities and its gains in space. Even if i

US budget includes $15 mn for improving security along Pak-Afghan border

The US budget for 2023 includes $15 million for improving security along the Pakistan-Afghan border and an unspecified amount of funds to promote gender equality in Pakistan