Although it’s named the Fiscal Responsibility Act, the compromise debt ceiling package that President Joe Biden signed into law this past weekend doesn’t do much to fix the nation’s enormous financial challenges
The deal, which prevented the US from defaulting on its obligations and unleashing economic upheaval, holds non-defense discretionary spending relatively flat for the coming fiscal year after agreed-upon appropriations adjustments and allows an increase of only 1% the following fiscal year. It temporarily expands work requirements in the food stamps program and rescinds more than $21 billion in funding for the Internal Revenue Service. All told, it would reduce budget deficits by about $1.
Those drivers include spending on mandatory programs like Social Security and Medicare and the lack of sufficient tax revenues. Social Security accounted for about 19% of federal spending in fiscal 2022, while Medicare took up 12%, according to US Treasury Department data.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Spider-Man #9 Preview: With Greater Power, Greater ResponsibilityGet ready for chaos in Spider-Man 9, where Spidey's senses go wild and Electro listens in. Experience the mayhem on June 7th! SpiderMan Electro Marvel ComicPreview
Baca lebih lajut »
Hayley Williams Regrets Shaming Disruptive Fans at Paramore Show: 'I Abused My Responsibility'Paramore performed two sold-out concerts at Madison Square Garden, but Hayley Williams can't shake the image of the two fans she had removed from the pit during the first show.
Baca lebih lajut »
Colts' Isaiah Rodgers takes 'full responsibility' after gambling allegations surface: 'I have made mistakes'The Indianapolis Colts said they are aware the NFL has opened a gambling investigation into one of the team's players, and while the organization did not name the player in question, Isaiah Rodgers has come forward 'to take full responsibility.'
Baca lebih lajut »
Clear Creek County Commissioners: Sheriff did not accept responsibility for Christian Glass' deathBoth the Clear Creek County Commissioners and parents of Christian Glass released statements on Tuesday morning saying they believe the sheriff did not properly accept responsibility for the 22-year-old's death in 2022.
Baca lebih lajut »
Houston controller: The city faces a ‘fiscal cliff’Houston controller Chris Brown writes that as COVID recovery funding wanes, the city is...
Baca lebih lajut »
Hernández: Carlos Vela's Champions League vanishing act jeopardizes his LAFC futureCarlos Vela was a non-factor in LAFC's Champions League loss to León, and it could mark the beginning of the end for the franchise icon in Los Angeles.
Baca lebih lajut »