The 2017 Trump Tax Law Was Skewed to the Rich, Expensive, and …
Jun 13, 2024 · To comply with congressional budget rules, Republicans could not make all of the 2017 law’s tax cuts permanent, so they prioritized making the less-popular corporate tax changes permanent to avoid having to debate those cuts when the other provisions expired.
House Republican Bills Deeply Cut Programs That Help Low …
Nov 22, 2024 · Given the erosion of non-defense appropriations’ purchasing power, there’s a strong case for policymakers to not only reject the cuts proposed by the House but to increase 2025 appropriations by more than the 1 percent target set in last year’s negotiation. A 1 percent increase won’t even keep up with rising costs let alone …
House Committee Farm Bill’s $30 Billion SNAP Cut, Other Harmful ...
Aug 8, 2024 · The House Agriculture Committee’s farm bill would return SNAP to the de facto policy prior to 2021, in which the cost of the TFP was adjusted only for inflation. [6] SNAP households would receive roughly $30 billion less in benefits over the 2027-2033 period than under current law, based on CBO estimates. [7] Every SNAP participant would experience a benefit cut: roughly $7 less per person ...
House Republican Agendas and Project 2025 Would Increase …
Sep 3, 2024 · Medicaid Cuts Would Take Away Health Coverage From Millions of People. As noted, HBC would cut Medicaid by $2.2 trillion over ten years; [14] RSC would cut Medicaid, CHIP, and ACA marketplace assistance by $4.5 trillion, likely by cutting Medicaid even more deeply than the HBC proposals and by making cuts to marketplace policies described below. [15] The size of the cuts in Project 2025 is ...
Hitting the Debt Limit: 3 Things to Know
Dec 17, 2024 · Raising or suspending the debt limit does not authorize new spending or tax cuts; it merely acknowledges past budgetary decisions. On January 1, 2025, the federal government will reach the debt limit, the maximum amount it is allowed to borrow.
Homepage | Center on Budget and Policy Priorities
Jan 14, 2025 · The Center on Budget and Policy Priorities (CBPP) is a nonpartisan research and policy institute that pursues federal and state policies designed both to reduce poverty and inequality and to restore fiscal responsibility in equitable and effective ways.
Policy Basics: Deficits, Debt, and Interest
Nov 20, 2024 · Deficits (or surpluses), debt, and interest are three central budget concepts. For any given year, the federal budget deficit is the amount of money the federal government spends minus the amount of revenue it takes in. The deficit drives the amount of money the government must borrow in any single year, while the debt is the cumulative amount of money the government has borrowed throughout ...
Chart Book: Tracking the Recovery From the Pandemic Recession
Apr 3, 2024 · Relief Legislation, Better Virus Control Key to Solid Jobs Recovery. Total nonfarm employment fell by 1.4 million jobs in March 2020 and a staggering 20.5 million jobs in April, creating a 22 million jobs deficit since the start of the recession and largely erasing the gains from a decade of job growth.
Policy Basics: Introduction to the Federal Budget Process
Oct 28, 2024 · Summary. Each year’s budget process in Congress requires, at a minimum, enactment of appropriations covering all discretionary programs. Congress is also likely to pass legislation affecting some mandatory spending, to renew programs if funding is expiring or to change eligibility, benefits, or funding, or to create new programs.
Policy Basics: Where Do Our Federal Tax Dollars Go?
Jul 18, 2024 · Economic security programs: About 8 percent (or $545 billion) of the 2023 federal budget supported programs that provide aid (other than health insurance or Social Security benefits) to individuals and families facing hardship.Economic security programs include: the refundable portions of the Earned Income Tax Credit and Child Tax Credit, which assist low- and moderate-income working families ...