Budget

McConnell: Entitlement Cuts Probably Won’t Happen Under Trump

By Yuval Rosenberg

Senate Majority Leader Mitch McConnell (R-KY) unleashed a storm of Democratic criticism earlier this week by telling Bloomberg News that rising deficits and debt are driven by Social Security,...
Trump Wants Federal Agencies to Cut Spending by 5%

By Michael Rainey and Yuval Rosenberg

President Trump instructed his cabinet secretaries Wednesday to reduce their departmental spending by 5 percent or more next year. “Some of you will say, ‘Hey, I can do much more than five,’” Trump...
Hurricane Michael Might Have Damaged More Than $1 Billion Worth of F-22s

By Michael Rainey

By the time Hurricane Michael hit the Florida Panhandle last week, most of the aircraft based at Tyndall Air Force Base near Panama City had been flow out of harm’s way. But between four and 17 F-22...
Federal Deficit Jumps 17 Percent to $779 Billion

By Yuval Rosenberg

Despite a strong economy and robust job market, the federal budget deficit swelled to $779 billion in fiscal 2018, up $113 billion from 2017, according to final numbers released Monday by the...
Mnuchin Spins a False Claim About Tax Cuts and the Deficit

By Yuval Rosenberg

The Congressional Budget Office projected last week that the federal government’s fiscal 2018 deficit would total $782 billion. The final numbers will be released by the Treasury Department, but...

Pentagon Grounds All F-35s

By Michael Rainey

The U.S. Defense Department grounded all F-35 jets on Thursday, on the heels of a crash on September 28 in South Carolina. Investigators examining the loss of an F-35B, the Marine Corps’ version of...
Trump’s Border Wall: A Christmastime Clash Is Coming

By Yuval Rosenberg

There won’t be much holiday cheer on Capitol Hill this year, Politico’s Playbook warns : “Over the last few days, we’ve seen a massive ramp-up of the ‘build-the-wall’ rhetoric from key Hill...
How GOP Rhetoric on Entitlements Has Changed

By The Fiscal Times Staff

The Washington Post’s David Weigel describes how Republicans have changed their tune on Medicare and, for this year at least, largely abandoned the idea of entitlement reform: “[O]ver eight years,...
How the Army ‘Found’ $25 Billion

By Michael Rainey

The U.S. Army has been combing through its existing programs to identify potential sources of funding that can be applied to its ambitious modernization program, and according to Army Secretary Mark...
529 Plans Are Growing — and So Is Their Cost to the Government

By Yuval Rosenberg

Education savings accounts called 529 plans have grown dramatically since 2010, both in terms of the number of accounts and total assets, according to research by The Pew Charitable Trusts . And they...

Trump Signs Spending Bill to Avert Pre-Election Shutdown

By Yuval Rosenberg

President Trump on Friday signed the $854 billion spending package that had been passed by the House and Senate. The signing, announced by Senate Republicans, averts a partial government shutdown...
Is Your State Wasting Taxpayer Money? Why It Can Be So Hard to Find Out

By Sheila Weinberg

The end of September is always an interesting time for citizens concerned with government spending, particularly accountants. By the end of this week, all 50 states will have closed out Fiscal Year...
Boeing Picked for $9 Billion Air Force Training Jet Program

By The Fiscal Times Staff

Boeing’s T-X trainer has been selected to replace the T-38 Talon jets used to train U.S. Air Force pilots since the early 1960s. The contract for 351 to 475 aircraft could be worth as much as $9.2...
Fingers Crossed on Those Killer Asteroids

By The Fiscal Times Staff

The Trump administration wants to give NASA more than $100 million to develop new techniques for fending off asteroids hurtling toward Earth, but Congress’s inability to get all of its spending bills...
Bye-Bye to Trump’s Border Wall?

By Yuval Rosenberg

President Trump indicated Wednesday that he won’t seek to shut down the government at the end of the month and would sign the spending bills sent to his desk by Congress. By doing so, he might be...