budget
Washington (AFP) - The US government could go into partial shutdown this weekend, raising the specter of mass employee furloughs and the suspension of many federal services if the situation goes unresolved. A best-case scenario would see lawmakers secure a last-minute deal before the shutdown deadline of midnight Friday –- or organize a vote early next week to keep any closure short and with minimal impact. Here is what could happen if Congress fails to do so: Who would be impacted?Congress has already passed six of twelve funding bills, with the outstanding six covering agencies including the...
AFP
Washington (AFP) - President Joe Biden's ambitious 2025 budget proposal, published Monday, is almost certain to be dead on arrival in the sharply divided US Congress ahead of national elections later this year. Instead, the 2025 budget serves as a blueprint of the administration's policy priorities, and highlights the sharp divisions between Democrats and Republicans ahead of Biden's likely rematch with former president Donald Trump in November. In a speech in Washington on Monday before the proposals were published, Biden touted the US economy as a "great comeback story." "Nearly 15 million ...
AFP
Washington (AFP) - The use of stop-gap funding measures to keep the US government open amid frequent political squabbles over how to tackle rising national debt carries long-term risks for the world's largest economy. While the ongoing stasis in Congress has yet to do any serious damage to the buoyant US economy, the regular budget stand-offs -- and the failure to tackle the country's growing debt burden -- are already having an impact. Two out of the three major American ratings agencies have now cut their credit rating for US government debt, while Moody's, the sole holdout, recently downgra...
AFP
Washington (AFP) - Less than two months since the US federal government narrowly avoided running out of funding, the deeply divided Congress once again faces a tight deadline to approve a new budget -- just one week. Neither the Democratic-controlled Senate or the Republican-led House of Representatives has passed a bill to extend government funding, which expires at midnight next Friday into Saturday. Without an agreement by November 17, the world's largest economy will instantly begin pumping the brakes: 1.5 million government employees will go without pay, most federal facilities including ...
AFP
Washington (AFP) - The US budget deficit has widened to $1.7 trillion, government data showed on Friday, in a development that could add pressure on President Joe Biden as he seeks reelection in 2024. The deficit expanded by $320 billion for the fiscal year ending September 30, following a drop in tax revenues and lower deposits of earnings by the Federal Reserve on the back of higher interest rates. Elevated rates also added to spending, bringing the 2023 shortfall to its third-largest on record. Total government outlays decreased slightly from the previous year, after the Supreme Court cance...
AFP
Washington (AFP) - Washington lawmakers' last-minute dodge to avoid a government shutdown over the weekend will keep the lights on for another few weeks -- but the deal leaves significant questions unanswered, including whether the United States will continue sending aid to Ukraine and whether House Speaker Kevin McCarthy will keep his job. Here are a few points to help decipher the drama unfolding on Capitol Hill. Budget unresolved - The continuing resolution passed by Congress on Saturday night gives the federal government some breathing room, but negotiators have only 45 days to agree on a...
AFP
Washington (AFP) - A far-right lawmaker launched a bid on Monday to oust US House Speaker Kevin McCarthy from his post, triggering the most serious showdown yet within the Republican party as it battles to contain firebrand supporters of ex-president Donald Trump. Matt Gaetz, a representative from Florida, entered his resolution from the House floor, later telling reporters McCarthy "doesn't have my support anymore, and he doesn't have the support of a requisite number of Republicans to continue as the Republican Speaker." "Bring it on," McCarthy quickly responded on X, formerly known as Twitt...
AFP
Washington (United States) (AFP) - A far-right Republican lawmaker launched a bid on Monday to oust US House Speaker Kevin McCarthy from his post, reigniting an intra-party battle between traditional conservatives and firebrand supporters of ex-president Donald Trump. Matt Gaetz, a representative from Florida, entered his resolution from the House floor "declaring the office of Speaker of the House of Representatives to be vacant." The resolution, which requires a majority to pass, will not be voted on immediately. Gaetz is a leading figure within the small group of far-right Republican legisl...
AFP
Washington (AFP) - The US Congress passed an 11th-hour funding bill Saturday to keep federal agencies running for another 45 days and avert a costly government shutdown -- although the deal left out aid to war-torn Ukraine requested by President Joe Biden. Three hours before the midnight deadline, the Senate voted to keep the lights on through mid-November with a resolution that had advanced earlier from the House of Representatives in a day of high-stakes brinkmanship on Capitol Hill. The last-ditch "continuing resolution" was pitched by House Speaker Kevin McCarthy as millions of public wor...
AFP
Washington (AFP) - The United States is heading toward a government shutdown this weekend with no foreseeable way out of a deadlock in Congress over hardline Republican calls for deep spending cuts. The new US fiscal year begins on October 1, but sharp disagreements in the Republican Party over the scale of federal debt has prevented passage of the bills needed to keep the government funded and open. The credit ratings agency Moody's warned this week that a shutdown would be "credit negative" for US sovereign debt, threatening its top-tier rating and raising the prospect of higher borrowing co...
AFP
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