Budget

US Military Faces a Crisis and Needs More Money, Report to Congress Warns

By Yuval Rosenberg

America’s military superiority “has eroded to a dangerous degree,” leaving the national security “at greater risk than at any time in decades,” a bipartisan commission warned Wednesday in a...
The Cost of Post-9/11 Wars Nears $6 Trillion

By Yuval Rosenberg

The total cost of post-9/11 wars will approach $6 trillion by the end of fiscal 2019, according to an annual report published Wednesday by the Watson Institute for International and Public Affairs at...
Deficit Hit $100 Billion in October

By The Fiscal Times Staff

The U.S. government spent $353 billion in October while revenues came in at $253 billion, producing a deficit of $100 billion. Receipts were 7 percent higher than a year ago, but spending was up 18...
The Pentagon's $21 Billion Rust Problem

By The Fiscal Times Staff

“Rust costs the Pentagon more money annually than many of its most expensive weapons systems—up to $21 billion per year, according to a Defense Department-commissioned audit released in March,” Next...
Trump Wants to Cut Off Hurricane Maria Relief Funds for Puerto Rico: Report

By Michael Rainey

President Donald Trump reportedly wants to stop providing federal relief funds to Puerto Rico for recovery efforts related to Hurricane Maria. Axios’ Jonathan Swan reports that Trump is convinced – “...

Chart of the Day: How Taxes and Transfers Affect US Incomes

By Michael Rainey

A new analysis of the distribution of household income by the Congressional Budget Office shows how taxes and means-tested transfers such as Medicaid and food stamps affect US incomes. “The combined...
Improving Odds for the Farm Bill

By The Fiscal Times Staff

The Farm Bill has been held up by a dispute over new work requirements for the Supplemental Nutrition Assistance Program, or SNAP, among other issues. House Republicans passed a bill that includes...
Build That Wall? The Next Budget Battle Ahead

By Michael Rainey

Congress reconvenes for a lame-duck session next week and funding for President Trump’s border wall with Mexico will be front and center as lawmakers turn to unsettled budget items for the current...
Fiscal Mayhem Ahead in 2019 — and 5 Other Takes on the Election Results

By The Fiscal Times Staff

Prepare for budget mayhem: “The budget bottom line is simple: Senate Republicans will have a very different fiscal agenda than House Democrats, and both houses’ tax and spending to-do lists will be...
What Should Democrats Do Now That They’ve Won the House?

By Michael Rainey

With Democrats winning control of the House Tuesday, political experts are lining up to give advice on what they should do with their new powers. While there’s little chance of enacting significant...

Transfer Payments Hit $3 Trillion Annual Pace

By The Fiscal Times Staff

Total government transfers reached $3 trillion on an annualized basis for the first time in September, according to data released by the Bureau of Economic Analysis Monday. Transfer payments include...
Defense Firms Don’t Like Competing on Price

By Michael Rainey

Boeing has won three big defense contracts in recent weeks, and its competitors aren’t happy about it. According to The Wall Street Journal Thursday, rivals including Lockheed Martin are worried that...
Trump Wants ‘Revolutionary’ Changes to Medicare Drug Payments

By Yuval Rosenberg

President Trump on Thursday said his administration is taking “revolutionary” action to change how Medicare pays for some drugs and end what he described as a “rigged” and “unfair” system that...
The Air Force’s $1,280 Coffee Cup

By Michael Rainey

Keeping a cup of coffee hot can be a pricey proposition if you happen to serve on a U.S. Air Force transport jet. Crew members on more than 300 KC-10, C-5 and C-17 aircraft use specially designed...
Bond Traders Shrug Off Massive Debt Auctions

By Michael Rainey

The U.S. Treasury is issuing $276 billion in debt this week as the deficit continues to soar in the wake of the tax cuts and higher government spending this year, with some specific bills and notes...