Us budget news

Here are some recent news updates on the US budget:

Latest Developments:

  1. Government Shutdown Averted: The US government avoided a shutdown on February 18, 2023, after lawmakers passed a short-term spending bill to keep federal agencies funded until March 15, 2023.
  2. Budget Deal Reached: On February 10, 2023, the House and Senate reached a bipartisan agreement on a budget deal, which would raise the debt ceiling and provide $858 billion in defense spending for 2023.
  3. Debt Ceiling Increase: The budget deal includes a debt ceiling increase of $1.5 trillion, which would allow the government to borrow more money to pay its bills.

Key Budget Provisions:

  1. Defense Spending: The budget deal includes $858 billion in defense spending for 2023, which is a $45 billion increase from the previous year.
  2. Non-Defense Discretionary Spending: The budget deal includes $730 billion in non-defense discretionary spending for 2023, which is a $45 billion increase from the previous year.
  3. Social Security and Medicare: The budget deal does not include any changes to Social Security or Medicare benefits.
  4. Tax Cuts: The budget deal does not include any new tax cuts.

Budget Outlook:

  1. Deficit Projections: The Congressional Budget Office (CBO) projects that the federal budget deficit will reach $1.2 trillion in 2023, which is a significant increase from the $984 billion deficit in 2022.
  2. National Debt: The national debt is projected to reach $31.4 trillion by the end of 2023, which is a significant increase from the $28.4 trillion debt in 2022.

Budget Proposals:

  1. President's Budget: The Biden administration released its budget proposal for 2024, which includes a $6.8 trillion budget and a $1.8 trillion deficit.
  2. House Budget Committee: The House Budget Committee has proposed a budget that includes $5.5 trillion in spending and a $1.2 trillion deficit.
  3. Senate Budget Committee: The Senate Budget Committee has proposed a budget that includes $5.7 trillion in spending and a $1.1 trillion deficit.

Budget Challenges:

  1. Entitlement Spending: Entitlement programs such as Social Security, Medicare, and Medicaid are projected to consume an increasing share of the federal budget in the coming years.
  2. Interest on the National Debt: Interest payments on the national debt are projected to increase significantly in the coming years, which could put pressure on the federal budget.
  3. Infrastructure Spending: The federal government is facing pressure to increase spending on infrastructure, which could put pressure on the federal budget.

I hope this information is helpful!