Budget

US Military Faces a Crisis and Needs More Money, Report to Congress Warns

By Yuval Rosenberg

America’s military superiority “has eroded to a dangerous degree,” leaving the national security “at greater risk than at any time in decades,” a bipartisan commission warned Wednesday in a...
The Cost of Post-9/11 Wars Nears $6 Trillion

By Yuval Rosenberg

The total cost of post-9/11 wars will approach $6 trillion by the end of fiscal 2019, according to an annual report published Wednesday by the Watson Institute for International and Public Affairs at...
Deficit Hit $100 Billion in October

By The Fiscal Times Staff

The U.S. government spent $353 billion in October while revenues came in at $253 billion, producing a deficit of $100 billion. Receipts were 7 percent higher than a year ago, but spending was up 18...
The Pentagon's $21 Billion Rust Problem

By The Fiscal Times Staff

“Rust costs the Pentagon more money annually than many of its most expensive weapons systems—up to $21 billion per year, according to a Defense Department-commissioned audit released in March,” Next...
Trump Wants to Cut Off Hurricane Maria Relief Funds for Puerto Rico: Report

By Michael Rainey

President Donald Trump reportedly wants to stop providing federal relief funds to Puerto Rico for recovery efforts related to Hurricane Maria. Axios’ Jonathan Swan reports that Trump is convinced – “...

Chart of the Day: How Taxes and Transfers Affect US Incomes

By Michael Rainey

A new analysis of the distribution of household income by the Congressional Budget Office shows how taxes and means-tested transfers such as Medicaid and food stamps affect US incomes. “The combined...
Improving Odds for the Farm Bill

By The Fiscal Times Staff

The Farm Bill has been held up by a dispute over new work requirements for the Supplemental Nutrition Assistance Program, or SNAP, among other issues. House Republicans passed a bill that includes...
Build That Wall? The Next Budget Battle Ahead

By Michael Rainey

Congress reconvenes for a lame-duck session next week and funding for President Trump’s border wall with Mexico will be front and center as lawmakers turn to unsettled budget items for the current...
Fiscal Mayhem Ahead in 2019 — and 5 Other Takes on the Election Results

By The Fiscal Times Staff

Prepare for budget mayhem: “The budget bottom line is simple: Senate Republicans will have a very different fiscal agenda than House Democrats, and both houses’ tax and spending to-do lists will be...
What Should Democrats Do Now That They’ve Won the House?

By Michael Rainey

With Democrats winning control of the House Tuesday, political experts are lining up to give advice on what they should do with their new powers. While there’s little chance of enacting significant...

Deficit Jumped to $782 Billion in 2018 – and It’s Only Going to Get Bigger

By Michael Rainey

You might have missed this with everything else going on in the world, but the Congressional Budget Office said Friday that the deficit for fiscal year 2018 rose to $782 billion, a big jump from the...
GOP Lawmakers Push Back on Trump’s Federal Pay Freeze

By Michael Rainey

Contradicting a plan announced by President Trump, Republican lawmakers have tentatively agreed to give roughly 2 million federal workers a pay 1.9 percent pay hike next year, The Washington Post...
Larry Kudlow Wants to Put a ‘Big Dent’ in Government Spending

By Yuval Rosenberg

Larry Kudlow, the director of President Trump’s National Economic Council, is once again talking up the economy and talking down the threat posed by rising debt and deficits. And once again, he’s...
Price Drops for Next Batch of F-35s

By Michael Rainey

The Pentagon and Lockheed Martin have reached an agreement on the financial terms for the next batch of F-35 Lightning IIs. The so-called Lot 11 production will include 141 stealth jets, with 91...
One Key Way the US Lags Behind Finland (and Denmark and Taiwan)

By The Fiscal Times Staff

The U.S. ranks 27th in a new study that ranks 195 countries based on “expected human capital” — the population’s overall level of survival, health and education, considered a key determinant of...