Last week, the Congressional Budget Office released its annual 10-year projection for the U.S. government’s budget and economic outlook. What makes this year’s outlook stand out from previous editions is that the CBO’s analysts have taken the effects of the significant tax cuts and spending increases that have recently passed into law into its…
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Three weeks ago, the U.S. House of Representatives voted to pass a bipartisan $1.3 billion spending bill that, because it eliminated the spending caps imposed by the Budget Control Act of 2011, guarantees the return of the kind of annual trillion dollar budget deficits that characterized much of President Obama’s tenure in office. Perhaps…
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A trade war between the U.S. and China has ramped up in recent weeks, with both nations proposing new tariffs on the goods that each imports from the other in a series of tit-for-tat announcements. The Reuters news service however has been exploring a scenario where China’s role as a major creditor to the…
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The nearly bankrupt city of Hartford, the state capital of Connecticut, was bailed out by the fiscally troubled state government of Connecticut last week. Jenna Carlesso of the Hartford Courant describes the city’s bailout package that will avoid the city having to officially declare bankruptcy: The state’s bailout for Hartford has cleared its final…
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New scandals continue to erupt at the troubled U.S. Department of Veterans Affairs on a regular basis, where in the latest gyration, David Shulkin, the head of the VA who had promised to implement serious reforms to improve the accountability of the department’s supervisors and staff, has now been shown the exit door. President…
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It is getting to be crunch time for state legislators looking to establish the budgets for their state governments across the U.S. With most states following a fiscal year that starts on July 1 and runs through June 30 of the following year, the clock is ticking down for determining how each will spend…
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Shortly after 1:00 PM on Friday, March 23, 2018, President Trump signed the U.S. Congress’ omnibus discretionary spending bill, which authorizes the various departments and agencies that make up the U.S. government to spend $1.309 trillion through the end of its current 2018 fiscal year on September 30, 2018. The chart below shows where…
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It was only a matter of time after the Bipartisan Budget Act of 2017 became law, but now, lawmakers on Capitol Hill are set to fully commit to a bipartisan budget for the U.S. government that, if anything, adds to what MyGovCost has previously described as President Trump’s “really ugly” budget proposal. The Associated…
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The U.S. government’s total public debt outstanding now exceeds $21 trillion, having crossed that milestone just one week after MyGovCost marked the occasion of $1 trillion having been added to the national debt under President Trump. What might surprise you however is that this has happened even as the U.S. government has collected more…
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It’s official. In the time since he was sworn into office on January 20, 2017 through Thursday, March 8, 2018, the U.S. government has managed to rack up another trillion in national debt under President Trump. If there’s a silver lining to be found in this state of affairs, it is perhaps that President…
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