Federal Budget (US)

Subterms

    More stories

    • 100 Shares149 Views

      in Elections

      PCE Report Showed Inflation Eased Slightly in January

      by

      But consumer spending unexpectedly slowed, complicating the central bank’s plans for interest rates.Getting inflation under control since the worst surge in decades has been a bumpy process in recent months. New data on Friday showed a little progress, but also an unexpected pullback in consumer spending, complicating the path forward for the Federal Reserve as it debates when to restart interest rate cuts.The central bank’s preferred inflation measure, released on Friday, climbed 2.5 percent in January from a year earlier, slightly lower than the previous reading of 2.6 percent but still well above the central bank’s 2 percent target. On a monthly basis, prices increased 0.3 percent, in line with December’s pace.The “core” personal consumption expenditures price index, which strips out volatile food and energy costs and is closely watched as a gauge for underlying inflation, rose another 0.3 percent in January. Compared to the same time last year, it is up 2.6 percent, data from the Commerce Department showed. In December, it rose at an annual pace of 2.8 percent.The inflation figures were in line with what economists had expected and underscored the Fed’s decision to proceed cautiously with interest rate cuts after making adjustments in the second half of last year. The interest rate set by the Fed stands at 4.25 percent to 4.5 percent.Spending fell 0.2 percent in January, led by a drop in spending on cars and other goods. Economists had expected a 0.2 percent increase overall, following a 0.8 percent increase in December. Once adjusted for inflation, spending dropped by 0.5 percentage points, which is the sharpest monthly drop in almost four years.Thomas Ryan, an economist at Capital Economics, attributed the decline in part to “unseasonably severe winter weather,” but warned that the Fed’s job will become “trickier if January’s sharp decline in consumption was a sign of consumer strength buckling.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 125 Shares99 Views

      in Elections

      Map: Where Medicaid Enrollment in the U.S. Is the Highest

      by

      <!–> [–><!–> –><!–> [–><!–>In eastern Louisiana, where Representative Julia Letlow, a Republican, was elected in 2024 by a wide margin, about one-third of the population is enrolled in the program.–><!–> –> <!–> [–> <!–> ]–> <!–> –><!–> [–><!–>And in California’s Central Valley, Republicans control a district where two-thirds of the population is on Medicaid, one […] More

    • 125 Shares99 Views

      in Elections

      What Can House Republicans Cut Instead of Medicaid? Not Much.

      by

      The math of the G.O.P.’s goals makes the move almost unavoidable.The House passed a budget resolution Tuesday night after the speaker, Mike Johnson, persuaded several Republican lawmakers, including those who have expressed reservations about possible Medicaid cuts, to support the bill.In theory, the budget, which kicks off the process of passing an extension of tax cuts enacted in 2017 and up to $2 trillion in spending cuts meant to partly offset them, could become law without significant cuts to Medicaid. But it won’t be easy. More

    • 100 Shares129 Views

      in Elections

      How the House Voted on the Budget Blueprint

      by

      The House voted 217 to 215 to approve a budget resolution, a key step toward passing much of President Trump’s legislative agenda. All but one Republican voted “yes.” Tuesday’s vote Total 217 0 217 215 214 1 Did not vote 1 1 0 The resolution, which will also need to pass the Senate to move […] More

    • 125 Shares199 Views

      in Elections

      Senate G.O.P. Passes Budget Resolution, and Punts on Tough Questions

      by

      The budget plan that Republicans pushed through the Senate early Friday was a necessary first step toward enacting President Trump’s ambitious domestic goals, but it punted the most difficult and divisive questions about how Congress will do so.On a largely party-line vote, 52-48, Senate Republicans won adoption of a blueprint that calls for a $150 billion increase in military spending and $175 billion more for border security over the next decade.How will they pay for it? That’s a question for another day. What about the huge tax cuts they and Mr. Trump have promised? We’ll figure that out later, senators say.Over in the House, Republicans have been agonizing to come up with at least $2 trillion in spending cuts to pay for Mr. Trump’s fiscal agenda and placate their most conservative members. Their plan, which G.O.P. leaders hope to put to a vote as early as next week, loads vast tax cuts and policy changes into one huge package and calls for slashing government programs deeply to finance it all. But it faces a perilous road through the closely divided House, where Republicans hold a razor-thin majority.Republicans in the Senate have essentially delayed any decision on those thorny details, focusing instead on delivering an early win to Mr. Trump in the form of money for his hard-line anti-immigration agenda. They said they would address questions of spending and tax cuts later in a separate bill.“We’ve decided to front-end load security,” said Senator Lindsey Graham of South Carolina, the chairman of the Budget Committee. “We want to make the tax cuts permanent. We’re going to work with our House colleagues to do that. They expire at the end of the year, but we have time to do that. It is the view of the Republican Senate that when it comes to border security, we need not fail. We should have the money now to keep that momentum going.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 113 Shares119 Views

      in Elections

      Judge Extends Halt on Trump Plan to Dismantle U.S.A.I.D.

      by

      For at least another week, a judge will keep a hold on a directive placing more than 2,000 employees on administrative leave and forcing the return of overseas workers.A federal judge on Thursday moved to extend by one week a temporary restraining order preventing the Trump administration from carrying out plans that would all but dismantle the U.S. Agency for International Development.The order, which Judge Carl Nichols of the U.S. District Court for the District of Columbia said he would file later Thursday, continues to stall a directive that would put a quarter of its employees on administrative leave while forcing those posted overseas to return to the United States within 30 days.Judge Nichols said he would rule by the end of next week on whether to grant the plaintiffs’ request for a preliminary injunction that would indefinitely block key elements of the high-profile Trump administration effort.The plan was driven in large part by Elon Musk, the billionaire tech entrepreneur tasked with making cuts to the federal budget, to shutter an agency he and Mr. Trump have vilified. The temporary restraining order applies to about 2,700 direct hires of U.S.A.I.D., including hundreds of Foreign Service officers, who would have been put on administrative leave under the directive, which also warned that contractors’ jobs could be terminated.The lawsuit was filed by two unions representing the affected U.S.A.I.D. employees: the American Foreign Service Association, to which aid workers in global missions belong, and the American Federation of Government Employees, which represents other direct hires. They have argued that President Trump’s executive order freezing foreign aid for 90 days and subsequent directives to dismantle certain U.S.A.I.D. operations and reduce staff were unconstitutional, and have asked the court to overturn them.Democratic lawmakers, U.S.A.I.D. workers, and the aid organizations that depend on U.S. foreign assistance have decried any moves to unilaterally shut down the agency as unlawful, as its role in the federal government was established by law and Congress funded it, like the rest of the government, through March 14.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 100 Shares149 Views

      in Elections

      State Department Revises Plan to Buy Armored Teslas

      by

      Tesla’s name was removed from a State Department document that listed planned vehicle purchases after the existence of the list was reported late Wednesday. The potential award raised questions about why the government was giving a lucrative contract to the company, which is led by Elon Musk, one of President Trump’s most important advisers.A department procurement forecast for 2025 detailed purchases the agency expected to make, including $400 million for armored Tesla vehicles. The document did not specify which Tesla model, but the electric Cybertruck, which has a body of high-strength stainless steel, would be the most suitable.Later on Wednesday, a different version of the procurement document appeared online. It referred to “armored electric vehicles,” omitting any mention of Tesla.Mr. Musk spent more than $250 million to help elect Mr. Trump, who then appointed him as the leader of a cost-cutting initiative that’s been called the Department of Government Efficiency, or DOGE.Plans to spend $400 million on Tesla pickups raised eyebrows given that Mr. Musk has been posting almost hourly on X, the social media site he owns, about wasteful government spending.Tesla and the State Department did not respond to requests for comment. On X, Mr. Musk shared a post from a supporter that said a report on the topic by Rachel Maddow of MSNBC was a “hit piece.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 138 Shares199 Views

      in Elections

      Defying Johnson, Graham and Senate G.O.P. Push Their Own Budget Plan

      by

      For days, Speaker Mike Johnson had called and texted Senator Lindsey Graham, imploring him to wait for the House to take the lead in the legislative drive to enact President Trump’s sweeping tax, budget and immigration agenda.When the three men converged in New Orleans on Sunday in the president’s suite at the Super Bowl, Mr. Graham shut him down in person.“I’m a huge fan, and nothing would please me more than one big, beautiful bill passing the House,” Mr. Graham recounted telling the speaker, a Louisiana Republican. But, he said, the Senate would press ahead with its own bill, adding, “We are living on borrowed time.”Senate Republicans have waited for weeks for their House colleagues to resolve their differences and agree to a budget blueprint that could unlock the party’s push to pass a vast fiscal package with only a simple majority vote. But House Republicans have remained divided over major issues, including how deeply to cut federal programs to pay for the bill, and have blown past several self-imposed deadlines.Enter Mr. Graham, the fast-talking fourth-term Republican senator from South Carolina and the chairman of the Senate Budget Committee.A loyal Trump ally who has long relished the opportunity to be in the middle of the action, Mr. Graham has made it clear in recent days that he has no intention of waiting for the House. Instead, Mr. Graham has advanced a budget plan that his committee is set to take up on Wednesday that would increase spending for the military and border security measures. He has promised that another bill extending the 2017 tax cuts will come later.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More