So far in the fiscal year 2024, the federal government has had to borrow about $5 billion every day.
The Congressional Budget Office said Thursday the federal budget deficit was $1.5 trillion for the first 10 months of fiscal year 2024, which covers October through July.
Read More
House Speaker Mike Johnson said Friday he will not withdraw from a controversial spending deal to avoid a government shutdown that is opposed by several members of his conference.
Johnson, on Sunday, announced a deal with other congressional party leaders on a spending package of $1.59 trillion for Fiscal Year 2024, which has been attacked by members of the House Freedom Caucus as insufficiently conservative. After negotiations with dissident members, Johnson announced Friday that he would stand by the deal, even as members have threatened to remove him from office over the matter.
Read More
July marked the beginning of Fiscal Year 2024 for 46 of the 50 states. It also closes the books on most state legislative sessions in what was an incredible 2023 for hard-working taxpayers.
In recent years, we’ve seen significant income tax relief in the states. Notably, 10 states – Kentucky, West Virginia, Montana, Utah, Arkansas, North Dakota, Indiana, Nebraska, Connecticut, and Ohio – have cut personal income taxes (PIT) in 2023. With the new addition of West Virginia, North Dakota, and Connecticut, 22 states have cut personal income taxes since 2021, with several of these states cutting taxes multiple times during that period.
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