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The Latest Breaking News from Federal Budget

Social Security Faces Insolvency In 7 Years — Committee Proposes COLA Cap For Wealthier Retirees

In a bid to tackle the impending insolvency of Social Security, the Committee for a Responsible Federal Budget has put forward a proposal to limit the Cost-of-Living Adjustments (COLAs) for those receiving the largest benefits.

Benzinga

Economists Baffled As Australia’s Unemployment Rate Hits Its Highest Level In 4 Years

It comes as a shock as the Reserve Bank of Australia (RBA) and the federal budget forecasts expected unemployment to remain steady through 2026.

Pedestrian.tv

CRFB Slams $1.8 Trillion Deficit Amid 'Pointless And Wasteful' Shutdown: 'Will Lose Our Status As A Superpower'

The Committee for a Responsible Federal Budget (CRFB), a nonpartisan budget watchdog, condemned the ongoing U.S. government shutdown as “pointless and wasteful”, while unveiling the staggering $1.8 trillion federal deficit for the fiscal year 2025.

Benzinga

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Trust funds that finance Medicare and Social Security are at risk of insolvency within 7 years, cutting benefits up to 24%, a new report warns

A couple turning 60 this year would face an $18,400 Social Security cut, according to the Committee for a Responsible Federal Budget.

Fortune

Bill Nye and the Planetary Society hold 'Save NASA Science' day of action on Capitol Hill

On Monday (Oct. 6), the nonprofit Planetary Society held a "day of action" to urge Congress to restore NASA's science funding, which was slashed nearly in half in the White House's proposed 2026 federal budget.

Space

This ‘economic sugar high’ won’t last, CRFB warns, touting analysis predicting long-term stagnation and $600 billion in annual borrowing through 2028

“An economic sugar high doesn’t mean sustained growth,” says the Committee for a Responsible Federal Budget. This happened in 2017, too, it notes.

Fortune

Warren Buffett's 2005 Warning Echoes Louder As Social Security Faces $18,100 Benefit Cut By 2033, CRFB Warns

Social Security is seven years from a fiscal cliff that would slash benefits for millions of retirees unless Congress acts, a new analysis by the Committee for a Responsible Federal Budget (CRFB) warns.

Benzinga

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Warren Buffett's longtime Social Security warning is coming to fruition, with retirees facing an $18,000 annual cut

The Committee for a Responsible Federal Budget projects that Social Security’s main trust fund will be insolvent by the end of 2032, triggering automatic and painful benefit cuts.

Fortune

Federal Budget Cuts That Disproportionately Affect Blue States

Explore how recent federal budget cuts may hit blue states hardest and what it could mean for local economies.

GOBankingRates

US Congress Approves $9 Bn In Trump Cuts To Foreign Aid, Public Media

US Republicans early Friday approved President Donald Trump's plan to cancel $9 billion in funding for foreign aid and public broadcasting, vowing it was just the start of broader efforts by Congress to slash the federal budget.

International Business Times

The Rescission Bill Reveals How Difficult It Is To Get Congress To Make Even Tiny Spending Cuts

The bill, which could pass the Senate on Wednesday, would trim 13 cents from every $100 of federal spending.

Reason

Trump Wants Blanket Tariffs Of Up To 20% After Surprise Treasury Surplus In June: Ed Yardeni Says 'Don't Push Your Luck'

President Donald Trump has proposed a blanket tariff rate of 15%-20% on most nations, a notable jump from the current 10% base amid an unexpected federal budget surplus in June, largely attributed to a surge in tariff receipts.

Benzinga

Dollar Falls with Bond Yields on a Dovish US CPI Report

The dollar index (DXY00 ) Wednesday fell by -0.43%. The dollar erased an overnight rally and turned lower after Wednesday’s Fed-friendly US May CPI report bolstered expectations for the Fed to cut interest rates later this year. Also, the wider-than-expected US May federal budget deficit was bearish for the dollar...

Barchart

Congress began losing power decades ago − and now it’s giving away what remains to Trump

Republicans in Congress have been making behind-the-scenes efforts to pass major domestic legislation via the federal budget process. They include potential cuts to Medicaid and extending the 2017 Trump tax cuts.

The Conversation

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Reason

Republican Reconciliation Package Will Lead to $3 Trillion Annual Deficits

A new analysis from the Committee for a Responsible Federal Budget estimates that the national debt will equal nearly 130 percent of GDP by 2034.

The Independent UK

Elon Musk is leaving Trump. Or is he? What’s next for Doge’s ‘authoritarian’ wrecking ball?

The world’s wealthiest man is ‘significantly’ stepping back from the White House, but the cost-cutting force isn’t going anywhere, Alex Woodward reports

The Conversation

Big and small spending included in Labor costings, but off-budget items yet to be revealed

The federal budget will be stronger than suggested in last month’s budget, according to Treasurer Jim Chalmers who released Labor’s costings on Monday.

Salon

GOP budget "just the first set of cuts"

"Wealthy Americans, on the other hand, would have a larger share of the economic pie"

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AAP

Greens flag new condition in event of a hung parliament

A minority party will push for one per cent of the federal budget to be spent on "restoring" nature if the election produces a hung parliament.

The Conversation

Election Diary: Dutton flags intervention in what he sees as ‘woke’ education, but how much could he actually do?

Peter Dutton came perilously close to a DOGE moment on Monday night, when he was asked about getting the “woke” agendas out of the education system. Noting the Commonwealth government “doesn’t own or run a school”, Dutton told a Sky audience in Brisbane that people wondered why there was “a…

The Conversation

Tobacco excise revenue has tanked amid a booming black market. That’s a diabolical problem for the government

Tuesday night’s federal budget revealed a sharp drop in what was once a major source of revenue for the government – the tobacco excise.

The Guardian - AU

From mental health to threatened species: the glaring omissions in the 2025 federal budget

University students, renters and people on welfare missed out on a piece of the pie, while the arts sector and preventative health measures were also overlooked

The Conversation

The 2025 federal budget fails the millions of voters who want action on Australia’s struggling environment

Commentators have branded last night’s federal budget as an attempt to win over typical Australian voters concerned about the cost of living, ahead of what is expected to be a tightly fought federal election.

AAP

Disaster response storm brewing over federal finances

Spending on climate adaptation and resilience continues to fall short even as the federal budget reveals spending on disaster response payments is blowing out.

AAP

Budget fails on new money for violence against women

Anti-family violence groups working with men to put an end to the issue have slammed the lack of new funding for measures in the federal budget.

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