Us Budget

US defence budget speeds toward $1 trillion, keeping China in mind

The Pentagon intends to load up on advanced missiles, space defence and modern jets in its largest defence request in decades in order to meet the threat it perceives from China. The spending path would put military's annual budget over the USD 1 trillion threshold in just a matter of years, its chief financial officer said Monday. The administration is asking Congress for USD 842 billion for the Pentagon in the 2024 budget year. It's the largest request since the peak of the Iraq and Afghanistan wars in the mid-2000s, when the weight of hundreds of thousands of troops deployed in those overseas conflicts ballooned overseas war spending. Now, the budget could surge again. That's in part to meet the higher cost of weapons and parts, but also to answer the vulnerabilities that the Ukraine war has exposed in the U.S. defense industrial base, and the strategic threat the U.S. sees from China's rapidly growing nuclear arsenal, its hypersonic capabilities and its gains in space. Even if i

US budget includes $15 mn for improving security along Pak-Afghan border

The US budget for 2023 includes $15 million for improving security along the Pakistan-Afghan border and an unspecified amount of funds to promote gender equality in Pakistan

US increase White House proposes $26 billion budget for NASA in 2023

The White House has requested a $26 billion budget for NASA in 2023, which is about $2 billion more than the space agency received for the current fiscal year.

US President Biden budget has Manchin priorities: Tax rich, cut deficit

US President Joe Biden's $5.8 trillion budget for next year would trim federal deficits and boost taxes on the wealthiest Americans.

Biden proposes 20% minimum tax on wealthiest so they 'pay their fair share'

The White House estimates that the proposed tax, which focuses on taxing unrealised capital gains, would raise around $360 billion in revenue over the next decade.

Biden unveils $5.8-trillion Budget plan with record increase in tax

The White House included measures that would add up to the biggest tax increase in history in dollar terms, helping stabilise deficits relative to the size of the economy.

Biden's budget plan: Higher taxes on rich, lower federal deficits

The higher taxes outlined on Monday would raise $361 billion in revenue over 10 years and apply to the top 0.01% of households

Joe Biden aides to US Congress: Fund Covid aid, don't cut budget

Congress should provide the $22.5 billion President Joe Biden wants for continuing the battle against Covid without cutting other programs to pay for it, senior administration officials said

NASA to get over $24 bn for space missions in new US budget bill for 2022

NASA will get over $24 billion for space missions for fiscal year 2022, if the US Congress is able to pass a newly-devised omnibus spending bill

US projects $3.12 trn budget deficit for this year, down $555 bn

US is forecasting that this year's budget deficit will be $555 billion lower than it estimated back in May, helped by an economy that is rebounding more quickly than had been expected

US budget deficit soars to $2 tn during first 8 months FY21: Treasury Dept

The US budget deficit soared to $2.1 trillion during the first eight months of fiscal year 2021, which ends on September 30, the Treasury Department reported

Outright economic boom is missing from the Joe Biden revival budget

Economic growth is strong in 2021 and 2022 - but strong enough only to return the economy to its pre-pandemic trend line, not to surge above the trajectory it was on throughout the 2010s

Joe Biden's $6 trillion budget: Social spending, taxes on business

Biden has already described, in general terms, major plans on infrastructure and he won a major victory on Covid-19 relief earlier this year

Joe Biden's administration to outline 2022 budget priorities next week

The Biden administration will next week release its proposed discretionary budget for fiscal 2022, providing insight into the president's top priorities and laying down a marker for Congress

Key senators oppose Biden budget pick, Neera Tanden's confirmation at risk

On Friday, Senator Joe Manchin of West Virginia became the first Democratic lawmaker to oppose the confirmation of Tanden, who would be the first woman of color to lead the agency

Explained: The $4 trillion US government relies on individual taxpayers

Corporations pay just a fraction of what individuals do into the federal spending pool, which funds the military, transportation safety, veterans benefits, regulatory agencies and programs like NASA

US budget deficit soars over $3 trn for first time ever due to Covid relief

The budget deficit for August was $200 billion, matching the deficit in August 2019 but lower than the $245 billion forecast by analysts in a Reuters poll

Trump's election-year budget cuts social expenditure, projects lofty growth

The proposal again abandons the stated goal of closing the budget deficit in 10 years, instead pushing the target date back to 2035

Trump's $4.8 trn budget plan to face scepticism, overwhelming politics

House Speaker Nancy Pelosi said that once again the president is showing just how little he values the good health, financial security and well-being of hard-working American families

US govt deficit widens to $120 bn due to healthcare, military spending hike

The US government's fiscal position has deteriorated since 2016, hit by an aging of the population that has led to more people drawing on Medicare, a federal health insurance program for the elderly