The Republican majority in the United States House of Representatives is now planning to vote on a stopgap spending bill that will not include a critical election integrity measure that conservatives have been desperately trying to pass.
Read More
The conservative House Freedom Caucus slammed House Speaker Mike Johnson’s proposed top-line spending deal with Senate Democrats as a “total failure,” arguing the potential agreement costs about $68 billion more than the Louisiana Republican said it would.
Read More
House Speaker Mike Johnson on Sunday said Congressional leaders reached a topline spending deal to avert a federal government shutdown by providing funding through the rest of the fiscal year.
Read More
While many lawmakers have preached for years the need for federal spending cuts, the amount of taxpayer money that Congress spends on its own operations has swelled 38% since FY2014 from $4.3 billion to $6.9 billion this year, according to a Just the News review of Congressional Research Service (CRS) reports on annual federal budgets.
Read More
The Senate voted to pass the House’s stopgap funding bill on Saturday night by a vote of 88 to 9, avoiding a government shutdown that would have occurred at midnight, the end of the fiscal year. The bill will now go to the White House for President Biden’s signature.
Read More
Florida Republican Rep. Matt Gaetz sparred with Fox News host Maria Bartiromo on Sunday over the impeachment probe of President Joe Biden and the potential government shutdown. Bartiromo said in her opening monologue on “Sunday Morning Futures” that Gaetz was disrupting “the Republican wins” by standing against stopgap funding measures.
Read More
The House Freedom Caucus, a group of conservative lawmakers in the House, outlined Monday what conditions would need to be met for them to vote for a new spending bill.
The group is calling for spending bills to include provisions on border security, the “unprecedented weaponization” of the Justice Department and FBI, and the Pentagon’s “cancerous woke polices.” The lawmakers also oppose “any blank check for Ukraine in any supplemental appropriations bill.”
Read More
The Michigan Department of Education is set to receive a 54% increase in funding in the 2023-24 budget despite lagging student test scores.
The proposed budget increases funding for the MDE from $420.6 million in the current budget to $647.4 million in 2023-24. That’s a $226 million increase from the previous fiscal year.
Read More
“Don’t raise your voice, improve your argument.” Bishop Desmond Tutu in South Africa, 2004.
I must’ve used this quote a thousand times (primarily mitigating fights between contentious children of different ages) without even realizing its origin. I’ve often wondered why emotion-driven youths (and big people, too) simply amp up the volume when intellectually dueling with others rather than maintaining the discussion at an even keel and perhaps lulling their opponents into listening to what they’re saying – or screaming even louder.
Read More
There’s enough revenue to pay interest on the debt even if the $31.4 trillion debt ceiling is reached.
Meaning, if the U.S. defaults on the debt on June 1, it will be because President Joe Biden chose not to make principal and interest payments on U.S. Treasuries out of existing revenue, for which there is more than ample revenues to service and refinance up to the current debt ceiling limit, $31.4 trillion.
Read More
House Speaker Kevin McCarthy (R-Calif.) and the House Republican majority have unveiled their spending plan for the next decade, the Limit, Save, Grow Act, that will be tied to a $1.5 trillion increase in the $31.4 trillion national debt ceiling, the centerpiece of which imposes discretionary budget caps beginning in 2024, but which will be set at 2022 levels, which could save more than $3.2 trillion over the next decade, according to an estimate by the Committee for a Responsible Federal Budget.
While an official score still has not come in from the Congressional Budget Office, the proposal stands out as a promise kept on McCarthy’s part to use the must-pass debt ceiling to restore some semblance of fiscal sanity to the out-of-control federal budget and national debt, the latter of which the White House Office of Management and Budget projects will rise to a gargantuan $50.7 trillion by 2033.
Read More
Republican Sen. Bill Cassidy of Louisiana accused the Biden administration of lying about its commitment to working with Congress to protect seniors’ social security benefits at a hearing of the Senate Finance Committee Thursday.
Cassidy asked Treasury Secretary Janet Yellen, who was testifying about President Joe Biden’s proposed budget for the fiscal year 2024, if the president was aware that “when [Social Security] goes broke in nine years” there would be a 24% cut in benefits for current recipients.
Read More
The White House Office of Management and Budget (OMB) in the now-released President’s Budget is projecting just 0.6 percent in inflation-adjusted real growth of the U.S. economy in 2023 as the unemployment rate is expected to rise to 4.3 percent in 2023 and peak at 4.6 percent in 2024 after the economy is finished overheating from the continued, elevated inflation, consumers max out on credit and spending falls off a cliff.
Read More
President Joe Biden on Thursday announced a $6.8 trillion budget for Fiscal Year 2024, which is $1 trillion more than his budget proposal last year.
Biden proposed increasing taxes in order to fund the budget.
Read More
The fiscal hawks are sticking to their guns. On Friday, Sens. Ron Johnson (R-WI) and J.D. Vance (R-OH) joined 22 of their fellow Republican senators in a letter warning President Joe Biden that they will not vote for increasing the debt ceiling without structural reforms to the federal government’s budget and debt problems.
Read More
The gridlock that paralyzed House Republicans over the past week in their quest to elect a new Speaker could be a foretaste of more to come, with party moderates and conservatives set to tangle in the months to come over raising the debt ceiling and reining in reckless government spending.
Although newly elected Speaker of the House Kevin McCarthy ultimately prevailed in his bid for the office over a small but determined band of House Freedom Caucus members, his slim GOP majority in the House will be vulnerable if and when conservatives rebel again down the road, as some are predicting, in an effort to reassert debt reduction as a top priority for the party.
Read More
President Joe Biden sparked controversy for pushing through Congress increased federal funding for 87,000 new IRS employees to audit Americans, but Republican leadership has pledged to overturn that expansion if they win the majority.
House Republican Minority Leader Kevin McCarthy, R-Calif., pledged at a Pennsylvania event to “repeal” the IRS expansion.
Read More
“Our expectation has been we would begin to see inflation come down, largely because of supply side healing. We haven’t. We have seen some supply side healing but inflation has not really come down.”
That was Federal Reserve Chairman Jerome Powell on Sept. 21, speaking to reporters following the central bank’s meeting where the Federal Funds Rate was once again increased 0.75 percent to its current range of 3 percent to 3.25 percent in a bid to combat sticky 8.3 percent consumer inflation the past year.
Read More
Gov. Gretchen Whitmer is touting the $77 billion 2023 fiscal year budget that she says will improve Michigan’s economy and workforce.
Whitmer bragged that the budget negotiated with Republicans doesn’t raise taxes. However, it also keeps $7 billion of taxpayer money locked in state coffers while spending another $7 billion more than the prior budget.
Read More
U.S. Treasury Secretary Janet Yellen will testify before the Senate Finance Committee Tuesday, just days after she admitted she was wrong about inflation earlier in President Joe Biden’s term.
The hearing, which is on “the president’s fiscal year 2023 budget” will only feature testimony from Yellen, according to the committee’s website.
Biden’s budget likely will be under extra scrutiny as gas prices continue to hit record highs and inflation rises at the fastest level in decades.
Read More
Inflation is running rampant, federal spending is out of control, gas prices are at an all-time high and Americans are pessimistic on the future outlook of the economy. So what is President Joe Biden’s solution?
He has released a budget proposal that includes 36 tax increases on families and businesses totaling $2.5 trillion over the next decade. Alarmingly, this includes 11 tax increases on the oil and gas industry, taxes that will put a burden on households.
The budget doesn’t even include all the tax increases being pushed by Democrats because the budget omits the cost of tax increases within their stalled multi-trillion dollar Build Back Better Act. Instead of detailing these tax increases, the Biden budget includes a placeholder asserting that any new spending will be fully offset.
Read More
Gov. Gretchen Whitmer vetoed a GOP bill that aimed to provide $2.5 billion in tax breaks by dropping the personal income tax rate from 4.25% to 3.9%, saying it would blow a “hole” in her $74 billion budget.
“It would force tax hikes on families or deep and painful cuts to services, hurt our children’s ability to catch up in school, force layoffs of cops and firefighters, and kneecap our ability to keep fixing crumbling roads,” Whitmer wrote in her veto letter.
Read More
Gov. Gretchen Whitmer welcomed the expansion of free or low-cost child care to 105,000 more kids via the expanded income eligibility criteria in the latest bipartisan budget.
Families of four earning up to $49,000 will be eligible for free or low-cost child care under new criteria, helping parents return to work
“We need to continue working hard to drive down costs for families and expand access to high-quality, affordable childcare so parents can go to work knowing that their kids are safe and learning,” Whitmer said in a statement. “I was proud to put childcare first in the bipartisan budget I signed in September. Together, we lowered costs for working families by expanding low or no-cost care to 105,000 kids and providing grants to improve childcare programs and empower childcare professionals. Countless working parents rely on childcare, and we must continue expanding high-quality care to help every working family thrive.”
Read More
The Democrats’ reconciliation package will likely include more than $500 billion worth of climate provisions, more than the entire Department of Energy budget, the White House said, according to The Hill.
The budget represents an opportunity for “historic investment in climate change,” White House Chief of Staff Ron Klain said during an event hosted by The Hill on Tuesday evening. The likely price tag for climate programs included in the bill is likely to fall somewhere between $500 billion and $555 billion, Axios previously reported.
Read More
On Monday, Joe Biden uncorked the largest lie of a 50-year political career overstuffed with them.
“My Build Back Better Agenda costs zero dollars,” he tweeted. “Instead of wasting money on tax breaks, loopholes, and tax evasion for big corporations and the wealthy, we can make a once-in-a-generation investment in working America. And it adds zero dollars to the national debt.”
Read More
Democratic West Virginia Sen. Joe Manchin reportedly said in private that the “strategic pause” he has pushed for regarding his party’s budget should last through the end of the year.
Manchin’s remarks, first reported by Axios, would mean a sharp departure from Democrats’ long-stated goals, which include passing both the budget and the bipartisan infrastructure bills before the end of September.
His remarks align both with a Wall Street Journal op-ed he wrote earlier this month and recent comments he made calling for a “pause” on the budget as Congress addressed other priorities ranging from a messy Afghanistan withdrawal to multiple natural disasters.
Read More
House Democrats will consider nearly $3 trillion in tax hikes over the next decade in an attempt to pay for their $3.5 trillion budget that includes most of President Joe Biden’s domestic agenda and would overhaul the nation’s social safety net.
The hikes are predominantly focused on wealthy Americans and large corporations. Among the increases is a top income tax bracket of 39.6%, up from 37%, which Democrats say would raise $170 billion in revenue over the next decade.
A summary of the proposals leaked Sunday, and was first reported by The Washington Post.
Read More
Last week, Gov. Gretchen Whitmer’s (D-MI) State Budget Director Dave Massaron instructed state department heads to begin preparing for a possible government shutdown, though Michigan taxpayers may have other concerns to expect from current budget negotiations.
Technically, Michigan state lawmakers are supposed to have passed a full budget for the governor’s signature by July 1, although officials have until Sept. 30 to finalize an agreement that would avoid a partial government shutdown.
Read More
Washington Democrats’ efforts to pass their signature, $3.5 trillion spending package is in jeopardy of falling apart, as House Speaker Nancy Pelosi, leader of the Democrat-controlled chamber, does not appear to have the votes this week to advance the measure awaiting in the Senate.
The votes are set to be cast Monday and Tuesday, with House members returning for two days during their August recess to try to move forward the pending package.
Pelosi can afford to lose only three votes in the narrowly divided chamber. However, nine moderate Democrats have vowed to oppose the two voting measures until the House passes a roughly $1 trillion, bipartisan infrastructure spend package passed in the Senate before the recess.
Read More
As tens of millions of American families across the country began to see the second round of monthly cash payments appear in their bank accounts Friday, Republicans in Congress remained oddly quiet.
The checks were the result of an expansion of the Child Tax Credit (CTC), which was part of the $1.9 trillion coronavirus relief package President Joe Biden signed into law in March. While every Republican in Congress voted against the bill, the credit itself is overwhelmingly popular among registered Republicans and Americans overall, creating a rift between reliable conservative voters and the GOP lawmakers who represent them.
Read More
The unadjusted consumer price index as measured by the Bureau of Labor Statistics was 5.28 percent for the month of July, slightly lower than June at 5.32 percent, but still measuring the highest inflation on record since July 2008, when it hit nearly 5.5 percent.
The latest numbers come as Congress has easily passed another gargantuan $1.2 trillion infrastructure spending plan that included $550 billion of new spending. Interest rates have already reacted as 10-year treasuries came off a near-term low of 1.17 percent on Aug. 2 to 1.36 percent as of Aug. 12, slightly increasing inflation expectations.
The $1.2 trillion spendathon was just the latest in a long line of spending that has added $5.25 trillion to the national debt since Jan. 2020 in response to the Covid pandemic all the way to the current $28.5 trillion: the $2.2 trillion CARES Act and the $900 billion phase four under former President Donald Trump, and then the $1.9 trillion stimulus under President Joe Biden. It’s been a bipartisan affair.
Read More
Senate Democrats have publicly released their $3.5 trillion, filibuster-proof budget reconciliation resolution.
The draft of the legislation released on Monday includes new spending programs that the White House has labeled “human infrastructure,” such as universal pre-K, childcare support and tuition free community college.
The spending total is estimated over a 10-year period. Using budget reconciliation allows the Democrats to pass the measure without votes from Republicans in the 50-50 Senate. Democrats used the same process in March to pass President Biden’s $1.9 trillion pandemic stimulus package called the American Rescue Plan Act.
Read More
The Congressional Budget Office estimated Thursday that the bipartisan Senate infrastructure bill will add $256 billion to the deficit over the next decade, undercutting its backers’ claims the spending had been offset.
In FY2020, the deficit hit a record $3.1 trillion. So far in FY2021, the deficit is $2.2 trillion. The national debt is climbing to $29 trillion for the first time in U.S. history.
Read More
Senate Democrats are attempting to add funding for “Dreamers” and border security to their budget bill, Axios reported Friday.
The Democrats are looking at adding $10 billion to their $3.5 trillion budget reconciliation package towards border security infrastructure at legal points of entry, according to Axios. The Democrats previously planned to allocate around $120 billion for citizenship for undocumented essential workers, immigrants with Temporary Protected Status and Dreamers.
Read More
Although she thinks it’s only a “start,” Gov. Gretchen Whitmer applauded the bipartisan budget passed Thursday night by the Michigan House of Representatives.
The House voted to pass the budget before the July 1 deadline, and includes the governor’s proposal to implement the largest increase in K-12 public school spending in the state’s history. Whitmer’s office claims the $16.7 billion in school expenditures will “close the gap between the lowest- and highest-funded school districts for the first time since the goal was introduced in 1994.”
Read More
Congressional Republicans grabbed headlines this week after releasing an aggressive budget they say would cut taxes and spending, but key measures in the plan also would address one of the country’s most serious economic problems.
The House’s Republican Study Committee released a budget that lays out several measures to deal with inflation, a growing concern among economists after the latest federal data showed a spike in consumer prices. Notably, the index for used cars and trucks rose 10%, the largest one-month increase since BLS began recording the data in 1953. Food and energy costs rose 0.9% in the month of April, prescription drugs rose 0.5%, and gasoline rose 1.4% during the same month. The energy cost index rose 25% in the previous 12 months.
Republicans on the committee say their plan would address concerns over inflation by balancing the budget within five years, thereby eliminating the need to monetize debt, a process where the federal government prints money to make payments on what it owes. The national debt has soared to more than $28 trillion and is expected to continue climbing under President Joe Biden’s new spending plans.
Read More
After 14 months of fighting over COVID-19 policy, GOP leaders and Gov. Gretchen Whitmer reached an agreement Thursday to negotiate the state budget and stimulus money in return for setting a date to end COVID-19 restrictions.
In return, Whitmer has agreed to withdraw the Michigan Occupational Safety and Health Administration’s (MIOSHA) proposed permanent rules and discuss legislative input on epidemic orders.
“Throughout the pandemic, we saw Michiganders all over the state step up and come together to slow the spread of COVID-19 and save lives,” Whitmer said in s statement. “Now, Michigan’s task is to unleash the potential of our people, to drive innovation and investment, and create tens of thousands of jobs and economic prosperity for all. Together, we can stay laser-focused on growing the economy and getting Michiganders back to work. Let’s hit the gas.”
Read More
2020 and 2021 are two sides of the same coin: Price instability brought about by the dollar being either relatively too strong or too weak, which can lead to or exacerbate economic slowdowns, creating higher unemployment and worse if the conditions persist for too long.
In 2020, at the height of the Covid pandemic, the problems included the global economy being shut down plus local lockdowns resulting in a massive recession and a flight to safety into U.S. treasuries as interest rates collapsed, making the dollar too strong. With the onset of deflation, consumer prices plummeted in March and April 2020, with oil even dropping briefly below zero dollars for the first time in history, and a concurrent rise of unemployment as 25 million Americans lost their jobs.
Read More
Michigan’s General Fund and School Aid Fund tax revenues dropped $1.24 billion since January 2020, according to figures released Friday by state administrators and fiscal analysts.
The latest state consensus revenue estimating conference also projected an $84 million shortfall for 2021.
Read More
House Democrats blocked a Republican attempt on Monday to require any proposed climate change legislation to also include its projected cost.
Under the Pay As You Go (PAYGO) rule, any additional government spending proposed must be accompanied by tax increases or separate cuts. After a push from several lawmakers in the Democratic Party’s progressive wing, however, the rules package for the 117th Congress states PAYGO will not apply to legislation relating to the necessary economic recovery or U.S. efforts to combat climate change.
Read More
Michigan leaders sealed a $62.8 billion fiscal 2021 budget agreement, increasing spending by billions from last year’s initial budget even after state revenue plummeted from COVID-19 and policies placed to curb its spread.
Experts previously estimated Michigan’s revenue would drop by $6.3 billion over the next two fiscal years.
Read More
Is America in a recession? It’s an unpopular question to ask, but it has now been over 3 months since COVID-19 restrictions were initiated and it is time for us to get realistic about where we are economically so that we can take the proper steps to minimize further damage to our economy. At this point, the unfortunate reality is that regardless of what we do, it is likely that it will take at least several years to see a partial recovery of economic loss and the time that it will take for a complete recovery remains unknown at this point.
Read More
A House bill package seeks to put about $800 million annually into local roads without a 45-cent gas tax hike or increasing future debt.
The six-bill package, if enacted, would eliminate the six percent sales tax on fuel over three years and replace it with another excise tax that would fund the 92 percent of local roads that aren’t touched by Gov. Gretchen Whitmer’s $3.5 billion bonding plan.
Much of that bonding money would go to repair roads in Metro Detroit.
Read More
State Superintendent Michael Rice (pictured above) praised the school funding increases included in the budget proposed by Gov. Gretchen Whitmer, saying it set the path for a growth within the Michigan school system.
Read More
President Trump’s budget proposal includes nearly an eight percent cut to the Department of Education, a choice that has received backlash from Democrats.
Read More
One initiative in President Donald Trump’s fiscal 2021 budget, to be presented to Congress Monday, targets waste, fraud and abuse of taxpayer money.
Read More
Despite deep budget cuts for the Environmental Protection Agency at large, the budget plan for 2021 proposed by President Trump grants full funding to protection programs for the Great Lakes.
Read More
State lawmakers nationwide are spending more money, but they are also replenishing rainy day funds in preparation for the next economic downturn, a new report determined.
Read More
Gov. Gretchen Whitmer and Republican congressional leaders did not take any action after Thursday’s meeting to address issues around the almost $1 billion left out of Michigan’s final budget.
Read More
Several Republican Michigan representatives are calling for restored funding in the state budget for initiatives vetoed by the governor, including the Pure Michigan campaign and programs designed to help students with mental health issues and special needs.
Read More