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Tag: Government Spending

US National Debt Surpasses $37 Trillion, Fueling Economic Concerns

US National Debt Surpasses $37 Trillion, Fueling Economic Concerns

US National Debt Surpasses $37 Trillion, Fueling Economic Concerns The U.S. government’s gross national debt has officially surpassed a staggering $37 trillion, according to the latest report from the Treasury Department. This record-breaking figure underscores the rapid acceleration of America’s national debt and signals increased cost pressures on taxpayers. This milestone was reached years ahead of pre-pandemic projections. The Congressional Budget Office (CBO) had initially predicted the national debt would not eclipse $37 trillion until after fiscal year 2030. However,…

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US Budget Deficit Soars to Record $291 Billion in July, Outpacing Tariff Revenue

US Budget Deficit Soars to Record $291 Billion in July, Outpacing Tariff Revenue

US Budget Deficit Soars to Record $291 Billion in July, Outpacing Tariff Revenue The U.S. government’s budget deficit expanded significantly in July, reaching $291 billion, despite a notable increase in customs duty collections from President Donald Trump’s tariffs, the Treasury Department announced recently. The deficit for July surged by nearly 20% compared to the previous year, highlighting a trend where government outlays are growing faster than receipts. Specifically, the July deficit marked a 19% ($47 billion) increase from July 2024….

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White House Intensifies Pressure on Fed Chair Powell Over $2.5 Billion Renovation Costs

White House Intensifies Pressure on Fed Chair Powell Over $2.5 Billion Renovation Costs

White House Intensifies Pressure on Fed Chair Powell Over $2.5 Billion Renovation Costs Federal Reserve Chair Jerome Powell is facing escalating attacks from the White House over alleged mismanagement of a years-long, multi-billion dollar renovation of the Fed’s headquarters. The White House, under President Donald Trump, has openly suggested that the spiraling costs could be grounds for Powell’s dismissal, even as experts question the legality of such a move. The renovation project, initiated in 2017 before Powell’s appointment, has seen…

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Senate Advances Controversial Bill to Slash Public Media Funding, Final Vote Imminent

Senate Advances Controversial Bill to Slash Public Media Funding, Final Vote Imminent

Senate Advances Controversial Bill to Slash Public Media Funding, Final Vote Imminent In a critical move, the Senate has advanced a package aimed at rescinding $1.1 billion in allocated funding for PBS, NPR, and other public media outlets. The vote on Tuesday evening saw Vice President JD Vance cast the tie-breaking vote, 51-50, to push the rescissions package to the floor for a final vote. Three Republican senators—Lisa Murkowski (R-AK), Susan Collins (R-ME), and Mitch McConnell (R-KY)—joined all Democrats and…

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BREAKING: Fed Chair Jerome Powell Reportedly Weighing Resignation Amid Mounting Pressure Over $2.5B HQ Renovation

BREAKING: Fed Chair Jerome Powell Reportedly Weighing Resignation Amid Mounting Pressure Over $2.5B HQ Renovation

BREAKING: Fed Chair Jerome Powell Reportedly Weighing Resignation Amid Mounting Pressure Over $2.5B HQ Renovation A senior Trump administration official indicated on Friday that Federal Reserve Chair Jerome Powell is reportedly considering his resignation. This comes amidst intensified calls for an investigation into whether Powell misled Congress regarding the central bank’s lavish $2.5 billion headquarters renovation in Washington, D.C., which critics have dubbed a “Palace of Versailles.” Pressure on Powell has mounted significantly. Bill Pulte, chair of US government-backed mortgage…

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Elon Musk Threatens New Political Party Over ‘Insane Spending’ Bill

Elon Musk Threatens New Political Party Over ‘Insane Spending’ Bill

Elon Musk Threatens New Political Party Over ‘Insane Spending’ Bill Tech mogul Elon Musk has reignited his political activism, issuing a stark warning that he will form a new political party if a controversial “Big, Beautiful Bill” currently debated in the Senate passes. His threats came on Monday, just days before the current date of July 1, 2025, as the Senate prepared for a final vote on the legislation. Musk, known for his outspoken views on social media platform X,…

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Senate Deadlock Threatens Trump’s Sweeping Tax and Spending Bill in High-Stakes Weekend Vote

Senate Deadlock Threatens Trump’s Sweeping Tax and Spending Bill in High-Stakes Weekend Vote

Senate Deadlock Threatens Trump’s Sweeping Tax and Spending Bill in High-Stakes Weekend Vote WASHINGTON – The Senate is locked in a tense, prolonged Saturday evening session, as President Donald Trump’s ambitious package of tax breaks, spending cuts, and bolstered deportation funds faces a critical procedural vote ahead of his self-imposed July Fourth deadline. The proceedings have ground to a halt for over two hours, prompting Vice President JD Vance’s arrival to potentially break a tie, while Republican senators huddle in…

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