Social Security
U.S. Senate panel advances former Maryland governor’s nomination to lead Social Security
WASHINGTON — Former Maryland Gov. Martin O’Malley moved one step closer Tuesday to becoming the next Social Security commissioner, a role that would become increasingly difficult as the program inches closer to insolvency during the next decade. The U.S. Senate Finance Committee voted 17-10 to send O’Malley’s nomination to the floor, though it’s not clear […]
Blue and red states slash taxes despite warnings of hard times ahead
With a $750 million budget surplus on hand, there was little doubt whether North Dakota lawmakers would cut taxes earlier this year — the question was how much. “The surplus was strong, and we believe it’s going to be sustained into the future,” said state Rep. Craig Headland. “So, it just made sense to cut […]
Higher taxes on the wealthy would bolster Social Security, U.S. Senate Dems argue
WASHINGTON — U.S. senators debated Wednesday how best to resolve a funding cliff within Social Security that will lead to a quarter reduction in benefits in about a decade, absent action from Congress. Democrats on the Budget Committee, led by Chair Sheldon Whitehouse of Rhode Island, called for lawmakers to increase taxes on the country’s […]
A default on the U.S. debt would be far worse than a government shutdown. Here’s how
WASHINGTON — A U.S. default on its debt would have a significantly broader impact on federal operations, financial markets and the global economy than recent government shutdowns that have left ordinary Americans largely untouched. While the two have been confused frequently during debate over the debt limit, the federal government has had considerable practice with […]
Social Security trustees predict benefit cuts in 2033 without congressional action
WASHINGTON — Social Security will no longer be able to pay full benefits in 2033, a year earlier than previously expected, according to a report released Friday. The updated projections, in the annual trustee report, mean that without action to stabilize the Old-Age and Survivors Insurance Trust Fund, Social Security would have enough money to […]
Experts see economic problems for U.S. as struggle over debt limit, spending cuts extends
WASHINGTON — Experts told the U.S. House Budget Committee on Wednesday the country’s economic outlook is problematic, as a fierce debate over the nation’s budget remains front and center. House Republicans, led by Speaker Kevin McCarthy of California, have repeatedly rejected raising the debt limit unless President Joe Biden agrees to a series of spending […]
Democratic report on U.S. debt default predicts disrupted benefits for seniors, veterans
WASHINGTON — Congress’ Joint Economic Committee released a report Thursday detailing the economic repercussions of defaulting on the nation’s debt, adding fuel to the fire as Democrats pressed Republicans to address the nation’s borrowing limit without tying action to spending cuts. The report, from Democratic staff on the bipartisan Joint Economic Committee, says that a […]
U.S. likely to default on debt between July and September unless Congress acts, CBO says
WASHINGTON — Congress has until at least July to broker a bipartisan debt agreement if lawmakers want to avoid a first-ever default, according to the Congressional Budget Office. The nonpartisan scorekeeper, which typically details how much legislation would cost, released a report Wednesday saying that U.S. lawmakers and the Biden administration have until sometime between […]
U.S. House speaker calls for ‘responsible’ debt limit legislation, shares few details
WASHINGTON — U.S. House Speaker Kevin McCarthy on Monday said the greatest threat to the nation’s future is the rising national debt, though he gave few specifics for how he planned to lower deficit spending or avoid a first-ever default on the debt this year. The California Republican, in a 10-minute address from the U.S. […]