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US Credit Rating Would Fall If Trump's Big Beautiful Bill Is Approved, Says Thomas Massie: Here's What It Means For Americans
Monday, June 30, 2025 - 7:16am | 849Rep. Thomas Massie (R-Ky.) has warned that the passage of President Donald Trump's ‘One Big Beautiful Bill’ could tank the U.S. credit rating to BBB status, a level that historically signals financial distress. What Happened: In an X post, Massie quipped, "BBB = our credit rating if...
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Ross Gerber Touts An Idea To Cut Deficit By Trillions Of Dollars: 'Let The Tax Cuts Expire And Full SALT Come Back'
Thursday, June 26, 2025 - 7:36am | 667As the One Big Beautiful Bill Act of 2025 proposes tax relief for individuals, it is also estimated to increase the federal deficit. However, this expert proposes an idea that could help cut trillions of dollars in deficit. What Happened: Financial commentator Ross Gerber of Gerber Kawasaki has...
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Larry Summers Identifies 3 Key Reasons For Rising US Debt, But Doesn't Think Trump's 'Big Beautiful Bill' Is The Medicine The Country Needs
Friday, June 6, 2025 - 5:49am | 773Former Treasury Secretary Lawrence Summers has sharply criticized the tax bill by the President Donald Trump administration amid the ongoing feud with Elon Musk. What Happened: Describing the “Big Beautiful Bill” as a “prescription for deadly, dangerous decline,” Larry...
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Trump's Tariff Plan Could Cut Deficit By $2.8 Trillion Over A Decade — But Not Without Consequences, Warns CBO
Thursday, June 5, 2025 - 8:27am | 587The Congressional Budget Office (CBO) has projected that President Donald Trump‘s extensive tariff plan will decrease deficits by $2.8 trillion over the next 10 years. However, the plan is also expected to cause economic contraction and inflation. What Happened: The CBO’s...
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Trump Administration Claims It's 'Kicking' 1.4 Million Undocumented Immigrants Off Medicaid, But Grok Clarifies Federal Medicaid Does Not Cover Them, States Do
Monday, May 26, 2025 - 10:46am | 820After a member of the Donald Trump administration shared a post about “kicking” 1.4 million undocumented immigrants off the Medicaid program as part of the “One Big Beautiful Bill,” X’s AI bot Grok clarified that undocumented immigrants are already ineligible for...
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Big Beautiful Bill Will 'Explode The Deficit,' And Make The Rich Richer: Congressional Budget Office Estimates 4% Income Fall For Lowest Decile Of Americans By 2033
Wednesday, May 21, 2025 - 4:54am | 784After the Congressional Budget Office (CBO) released its estimates for the distributional effects of the One Big Beautiful Bill Act, this economist questioned the Donald Trump administration about the inflating deficit and its inclination toward catering to the wealthiest Americans. What Happened:...
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Over 5 Million Americans Risk Losing Health Coverage By 2034 Amid Proposed GOP Medicaid Cuts, CBO Finds
Thursday, May 8, 2025 - 5:42am | 571In a recent nonpartisan analysis, it was revealed that millions of Americans stand to lose their Medicaid health insurance coverage. This is a result of several proposals by Republican Congress members aimed at reducing spending to back President Donald Trump‘s tax cuts and domestic...
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US Debt To Explode Past World War II Highs, Threatens Growth For Decades: CBO
Thursday, March 27, 2025 - 4:24pm | 855The U.S. economy is heading towards a historic surge in public debt, one that's set to eclipse wartime records and cast a long shadow over future economic growth and policy freedom. In a report released Thursday, the Congressional Budget Office unveiled its latest long-term budget outlook. It...
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The Amount Of Money In Taxes Lost Annually May Shock You
Wednesday, September 8, 2021 - 5:41pm | 385The U.S. has a tax gap. According to a Tuesday report from the Department of the Treasury, the difference between tax dollars owed and collected amounts to $600 billion annually. What Happened: That means that over the next 10 years, $7 trillion in tax revenue will have been...
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CBO: US National Debt Could Increase To 98% Of GDP By 2030
Wednesday, January 29, 2020 - 5:27am | 388The Congressional Budget Office on Tuesday said that the budget deficit and the public debt in the United States would continue to rise progressively over the next decade to hit the worst levels since the World War II if the existing and spending remains the same. Deficit, Debt To...
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Patience And Pause: Fed Holds Rates Steady, Dials Back Hawkish Language
Wednesday, January 30, 2019 - 5:12pm | 2253Fed officials recently began talking about a “pause” for interest rates. Wednesday’s decision to keep rates unchanged and to remove some hawkish language from its previous statement might indicate the “pause” is underway. It wasn’t just the decision to keep rates...
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The Federal Budget Outlook: What You Need To Know
Tuesday, April 10, 2018 - 12:30pm | 438Many Republican voters are thrilled with the party’s tax cuts, which have kick-started U.S. GDP growth. Yet fiscal conservatives have begun to question whether or not the tax cuts and economic growth are coming at the expense of the federal budget. Between the $1.5-trillion tax cut enacted...
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What To Know About The Revised Health Care Bill
Thursday, July 13, 2017 - 1:52pm | 402On Thursday, Senate Republicans unveiled their revised healthcare reform bill. Here’s everything you need to know. ‘Skinny’ Policies The new bill allows insurers to sell “skinny” insurance plans that don’t meet the minimum coverage requirements currently in...
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CBO On Senate Health Plan: 22 Million Lose Medical Care
Monday, June 26, 2017 - 5:06pm | 323The Congressional Budget Office said Monday that the latest health care bill struck in secret by a select group of U.S. senators would chop 22 million people off the health-insurance rolls by 2026, another nail in the coffin of legislation backed by a dwindling number of GOP lawmakers. Moderates...
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In Other News, CBO Says Postal Service Reform Bill Could Save $6.2 Billion Over 10 Years
Monday, June 5, 2017 - 10:51am | 397It turns out, there are things happening in Washington other than investigations into Russia, healthcare reform and President Donald Trump’s tweets. An under-the-radar Postal Service reform bill would save the country $6.2 billion over the next decade, according to the Congressional Budget...