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The Latest Breaking News from Federal Budget

Elon Musk Implausibly Claims 'Competence and Caring' Can Cut the Federal Budget Deficit in Half

The DOGE director wildly exaggerates what can be accomplished by tackling "waste, fraud, and abuse" in government spending without new legislation.

Reason

He’s not making any cents: Trump says to eliminate the penny

President Donald Trump promised to penny-pinch the federal budget if reelected. Turns out he meant that literally.

Fortune

Republicans look to add taxes on college scholarships to help pay for Trump’s tax cuts

Alook at possible federal budget cuts that would affect higher education under the Trump administration

The Independent UK

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Florida Attorney General Ashley Moody To Fill Marco Rubio's Senate Seat

Florida Attorney General Ashley Moody appointed to U.S. Senate seat, focusing on undoing regulations and reducing federal budget. Aligned with Governor DeS...

Top News

Musk, after months of blustering, admits DOGE won’t find $2 trillion worth of cuts in federal budget

Musk has been claiming he could make $2 trillion in cuts since October

The Independent UK

Elon Musk says DOGE could ‘close eyes and not miss’ on saving money

Elon Musk initially pledged to cut some $2 trillion from the federal budget, alongside his DOGE partner, politician Vivek Ramaswamy.

Fortune

So you want to cut $2 trillion from the federal budget - Roll Call

It’s the most wonderful time of the year: when Washington says it will cut the federal deficit. Easier said than done! Just ask the 2011 super committee, which had a mandate and bipartisan support yet failed spectacularly. For this podcast, we combine the powers of the Political Theater podcast with…

Roll Call

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Trump tariffs would shrink the federal deficit, but also the economy, CBO says

The CBO estimated that more tariff revenue would help shrink the federal budget deficit by $2.7 trillion from fiscal years 2025 to 2034.

Fortune

Billionaires Aim To Slash Trillion From Federal Budget

DOGE, led by Elon Musk and Vivek Ramaswamy, aims to cut trillion from the federal budget by targeting key areas and proposing workforce changes.

Top News

Why Trump DOGE Initiative Is A Wild Card For Software Makers, Tech Firms

Federal budget cuts in 2025 and beyond loom as a wild card for Palantir stock and software makers amid Donald Trump's DOGE initiative.

Investors Business Daily

If Treasury forecasts are right, it could be a decade before Australia is ‘back in black’

After two successive surpluses, the federal budget will be back in deficit in 2024–25, according to the much-anticipated budget update released on Wednesday.

The Conversation

A return to balanced budgets is a decade away, mid-year update says

The federal budget is headed for a deficit of $26.9 billion this financial year – $1.3 billion better than the estimate in May – but in the following three years the budget is forecast to be deeper in the red than earlier forecast.

The Conversation

Federal budget $27bn in the red and won’t return to balance for a decade, Myefo forecasts

Budget downgrade blamed on Australian economy being hit harder than anticipated by higher interest rates, cost of living pressures and global uncertainty

The Guardian - AU

Super concessions take biggest bite from the budget

Cost-of-living relief measures are off the table in the mid-year budget update, as a tax expenditure list shows the type of deductions that cost the most.

AAP

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International Business Times

Financial Advisor Charles Wareham On Skyrocketing US Debt, Rising Taxes And What To Do With America's Retirement Plan

With a debt-to-GDP ratio of 122.84% and a recent hike in its interest expenses— now costing $1.133 trillion due to inflation and rising interest rates, the USA is spending 17% of its federal budget just to maintain its debt.

Investors Business Daily

How Elon Musk, Donald Trump And DOGE Will Take On The Federal Government, And What It Means For The S&P 500

With Elon Musk as his government efficiency chief, President-elect Donald Trump has made a surprise turn to fiscal sustainability. It won't be easy.

The Conversation

Deloitte predicts December budget update will show bottom line has worsened since May, in fiscal ‘thud’

Next month’s update of the federal budget will forecast a bigger deficit for 2024-25 than was predicted in the May budget, according to the Deloitte Access Economics’ Budget Monitor, released on Tuesday.

Reason

DOGE Can Succeed by Scaling Back Its Ambitions

The new advisory group promises bold savings and massive spending cuts, but without any expertise in the federal budget, it’s likely to be all bark and no bite.

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The Conversation

Budget update will revise down company tax receipts but treasurer Chalmers welcomes economy’s ‘soft landing’

Next month’s federal budget update is expected to revise down company tax receipts for the first time since 2020, amid continued low economic growth in the near term.

International Business Times

Trump Taps TV's Dr. Oz To Head Massive Medicare, Medicaid Agency

The celebrity physician would oversee spending that accounts for nearly one-quarter of the federal budget to provide health care to about half the country.

Reason

Trump Has No Discernible Interest in Fiscal Responsibility

The president-elect’s record and campaign positions belie Elon Musk’s talk of spending cuts.

Top News

Trump's Economic Policies: Impact On Prices And Inflation

Explore the potential economic impacts of President-elect Trump's proposed policies on inflation, economic growth, and the federal budget deficit.

Fortune

Donald Trump’s policies would drain Social Security’s finances faster, report finds

Under Trump, Social Security’s trust fund would run out three years earlier than currently projected, according to the Committee for a Responsible Federal Budget.

The Independent UK

An Argentine province has a creative solution to President Milei's austerity: Printing its own money

After entering office last year, far-right President Milei swiftly imposed his fiscal shock therapy, slashing federal budget transfers to provinces

Top News

Trump Proposes Tax Cuts Targeting Various Voter Groups

Former President Trump's tax cut proposals and their potential impact on the federal budget and programs like Social Security and Medicare.

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People

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GAO

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