Illinois Democrats Pass Last-Minute State Budget of $43.2 Billion
The Illinois legislature passed a $43.2 billion budget bill minutes after presentation early in the morning on June 1.
budget deficits
U.S. Debt On Path To Exceed Size of Economy Next Year, CBO Estimates
The U.S. government’s debt owed to the public will exceed GDP for the first time since World War II.
Bill de Blasio: NYC Preparing to Furlough, Lay Off Essential Workers
Democrat New York City Mayor Bill de Blasio announced Wednesday that he would have to begin to furlough or lay off essential New York City employees if the city does not receive federal stimulus funds to fill budget deficits caused by the coronavirus.
Fact Check: Biden Claims Trump Tax Cuts Left U.S. Unable to Afford Coronavirus Economic Rescue
Biden claimed that because of Trump’s 2017 tax cuts, we have already “eaten a lot of our seed corn.”
CBO Projects Federal Debt To Rise to $31.4 Trillion
The CBO forecasts a $1 trillion budget deficit this year and an average of $1.3 trillion over the next ten years.
CBO Says Tax Cuts and Spending Bill Will Boost Growth and Widen Deficits over Next Decade
“Productivity growth returns to nearly its average over the past 25 years and recent changes in fiscal policy boost incentives to work, save, and invest; nonetheless, economic growth is held down by slower growth of the labor force,” the CBO said.
