Dec 10, 2019

Federal deficit sees 12% increase in two months, topping $342 billion

U.S. Treasury Secretary Steve Mnuchin. Photo: Chip Somodevilla/Getty Images

The federal deficit hit $342 billion for the first two months of fiscal year 2020, according to new Congressional Budget Office estimates.

The big picture: The annual deficit is forecast to average $1.2 trillion a year between 2020 and 2029, about 4.4% to 4.8% of gross domestic product, according to the CBO. Meanwhile, the national debt exceeded $23 trillion in November.

By the numbers: Between October and November, individual and payroll tax revenues increased by about 4%, or roughly $17 billion, while corporate tax receipts rose by 14%, or about $1 billion.

  • Government spending increased by 6% to $813 billion during those two months. Part of those expenditure came from a 7% increase in government programs like Social Security and Medicare.
  • Department of Defense spending also rose by 7%, or $8 billion. Department of Education spending climbed by 25%, or $3 billion.

Go deeper: U.S. budget gap hits $134.5 billion, up 34% in a year

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91 Fortune 500 companies paid no federal income tax in 2018

President Trump on Dec. 13. Photo: Alex Wong/Getty Images

91 Fortune 500 companies paid no federal income taxes on their U.S. income last year, according to a report released Monday by the Institute on Taxation and Economic Policy.

Why it matters: Some of the companies that paid no federal income tax last year still made billions of dollars — and they include some of the country's biggest names, like Amazon, Chevron, Halliburton and IBM.

Go deeperArrowDec 16, 2019

Senate passes $1.37 trillion spending deal

Photo: Mandel Ngan/AFP/ Getty Images

The Senate on Thursday voted 81-11 to approve a $1.37 trillion spending measure to avoid a government shutdown when federal funding runs out at midnight on Friday, NPR reports.

What they're saying: Kellyanne Conway told reporters President Trump is “very happy” about the legislation and signaled that he plans to sign the two bills to avoid a shutdown, according to CNBC.

Go deeperArrowUpdated Dec 19, 2019

Despite Trump, Congress boosts clean energy funding

Congress is set to pass a budget doubling down on a years-long trend of increasing clean-energy funding, despite President Trump's repeated attempts to cut spending.

Driving the news: The spending bill the House passed on Tuesday would increase energy research spending nearly 14% compared to this year’s levels and more than 50% compared to 2014.

Go deeperArrowDec 18, 2019