GOP Debt Ceiling Bill Would Save $4.8 Trillion Over a Decade, but Cost 780,000 Jobs in First Year: Analyses
Michael Rainey, The Fiscal Times
The Congressional Budget Office on Tuesday estimated that House Speaker Kevin McCarthy’s proposed Limit, Save, Grow Act would reduce federal budget deficits by $4.8 trillion over 10 years. Discretionary spending would be $3.2 trillion lower than the current baseline, while mandatory spending would be $0.7 trillion lower. And the U.S. would save about half a trillion dollars on interest payments on the public debt, CBO chief Phillip L. Swagel said.
Senators plot bipartisan spending backup plan amid McCarthy-Biden split
Caitlin Emma, Politico
Sens. Patty Murray and Susan Collins are putting together a framework they’re hoping Congress could eventually use to free itself from the entangled debt-limit and government-funding mess.
As possible Social Security benefits cut looms, GOP senator says lawmakers are working on a ‘big idea’ fix
Lorie Konish, CNBC
Social Security’s trust funds have a new projected depletion date that is about a decade away. Sen. Bill Cassidy, R-La., revealed during a Tuesday webcast hosted by the Bipartisan Policy Center that he is working on a bipartisan “big idea” to address the program’s 75-year shortfall.
As Biden officially launches his re-election bid, inflation remains a top worry for voters
Victor Reklaitis, MarketWatch
President Joe Biden has formally kicked off his re-election campaign, with the move coming even as most Americans don’t approve of his performance, while he talks up the strong job market and his legislative record.
US consumer confidence hits nine-month low; housing market bottoming out
Lucia Mutikani, Reuters
U.S. consumer confidence dropped to a nine-month low in April as worries about the future mounted, further heightening the risk that the economy could fall into recession this year.
Pandemic reinforced many US occupation trends
Howard Schneider and Dan Burns, Reuters
Many of the fastest-growing occupations held by U.S. workers in the run-up to the pandemic, such as management, finance and transportation, gained even more ground in the first two years of the health crisis, government data released on Tuesday showed.
Don’t Call It a ‘Cut’: G.O.P. Tries to Rebrand Its Plan to Reduce Spending
Catie Edmondson, The New York Times
House Republicans pitched their 2011 debt limit bill aggressively, trumpeting a zeal for deep spending cuts. Their latest fiscal plan tiptoes around them, with a milder slogan to match.
GOP goal as debt ceiling debate starts: ‘bring the President to the negotiating table’
Ben Werschkul, Yahoo Finance
The formal debate over the GOP debt ceiling bill kicked off Tuesday evening. The goal of the proceedings this week, according to the House Budget Committee chairman, is to “bring the President to the negotiating table.”
CBO: Republican bid to cut IRS money worsens deficit
Brian Faler, Politico Pro
A bid by House Republicans to cut IRS funding as part of a plan to raise the debt limit would reduce projected tax collections by $191 billion, budget forecasters say.
Senate Democrats press IRS on simplified filing, more free options
Olafimihan Oshin, The Hill
A pair of Senate Democrats have urged the Internal Revenue Service (IRS) to take a simplified approach to the tax filing process and expand access to free e-filing options.
