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The Latest Breaking News from Federal Budget

‘No, we didn’t’: DOGE staffers admit Elon Musk’s cost-cutting agency failed to reduce the federal deficit

At DOGE’s inception, Musk claimed the advisory could slash $2 trillion from the U.S. federal budget.

Fortune

A 'debt spiral,' before a fiscal crisis: interest on the national debt will be growing faster than GDP in just 5 years, think tank warns

The Committee for a Responsible Federal Budget sees a critical threshold crossing by 2031—and the consequences could be nearly impossible to reverse.

Fortune

“Investing in people, securing the future”: UAE launches Federal Budget Yearbook 2026 with AED92.4 billion plan

The UAE Ministry of Finance has launched the Federal Budget Yearbook 2026 under the theme “Investing in People, Securing the Future”, outlining how government spending will support social development, economic growth and long-term financial sustainability. The yearbook highlights a balanced federal budget of AED92.4 billion, reflecting the country’s focus on…

The Times of India

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'The conflict in Iran demonstrates why we need to keep our national debt at a reasonable level': think tank sees economic emergency around the corner

The Committee for a Responsible Federal Budget warns that war spending could tip into a fiscal crisis — and it's calling for a pre-built escape plan.

Fortune

'Broken and unfair': states urge change to GST carve-up

The cost to Australian taxpayers of a contentious GST carve-up will rise by another $6.6 billion in 2026/27, sparking fresh anger from critics of the deal.

AAP

It's the Spending, Stupid!

The truest measure of government in our lives is the federal budget, which is out of control.

Reason

Renewables growth energises spending as inflation rises

Capital expenditure has been rising fast in Australia as the treasurer warns stubborn inflation will mean savings are needed in the budget.

AAP

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Canada’s new open banking legislation could help women experiencing economic abuse

The year 2026 is poised to be a breakthrough one for open banking in Canada. Bill C-15 — which would implement measures from the 2025 federal budget — is currently before Parliament.

The Conversation

‘The state of our union is more indebted than ever’: Budget watchdog continues war of words with Trump White House

The Committee for a Responsible Federal Budget took heat over the weekend, with Scott Bessent saying its leader “should be ashamed.”

Fortune

America borrowed $43.5 billion a week in the first four months of the fiscal year, with debt interest on track to be over $1 trillion for 2026

“The longer lawmakers wait, the higher the price for Americans,” warned Maya MacGuineas, president of the Committee for a Responsible Federal Budget.

Fortune

Greens hold door open to capital gains tax reforms

Support from the Greens could hold the key to opening the door to capital gains tax changes as the government ponders reforms the opposition says it won't back.

AAP

President Trump just missed a key deadline to share his spending plans: Fears are mounting about what that means for $38.5 trillion national debt

“We won’t be able to fix the debt without touching Social Security, Medicare, defense, or revenue—the math just doesn’t work. And we can’t count on heroic growth rates or crashing interest rates,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget (CRFB).

Fortune

'Some form of crisis is almost inevitable': The $38 trillion national debt will soon be growing faster than the U.S. economy itself, watchdog warns

"The United States is deeply indebted, and its finances are on an unsustainable long-term trajectory," says the Committee for a Responsible Federal Budget.

Fortune

Budget takes $8.2b hit thanks to black market tobacco

The treasurer has flagged more funding to root out illicit tobacco syndicates but refused to lower the excise burning a hole in the federal budget.

AAP

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AAP

Dodgy darts more prevalent than legal cigs in Australia

Illicit tobacco is blowing a hole in Australian lungs and the federal budget, with up to $11.8 billion in foregone revenue each year due to excessive excises.

AAP

Belt tightening in order as federal payments balloon

More than $12 billion in program cost blowouts demand tighter spending in other parts of the federal budget, the treasurer is warning Australians.

The Conversation

The clock is ticking on a golden opportunity for real change in Australia

The May 2026 federal budget will mark one year since the Albanese government’s unexpected landslide win at the last election.

Fortune

The shutdown 'accomplished nothing and caused significant harm' to many people, budget watchdog says, giving 'new meaning to fiscal irresponsibility'

"It's hard to imagine the bar for dysfunctional government getting any lower than it is right now," said the Committee for a Responsible Federal Budget.

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Fortune

Trump's $2,000 tariff 'dividends' would cost twice as much as the revenue coming in, budget watchdog warns

“If tariff dividends are paid annually, deficits would increase by $6 trillion over ten years,” per the Committee for a Responsible Federal Budget.

The Conversation

Federal budget: Mr. Prime Minister, child care is infrastructure too

Why is Prime Minister Mark Carney’s budget pressing the pause button on early learning and child care?

Benzinga

Canada 'Abandons Market Economics' With A New Critical Minerals Budget

Canada’s 2025 federal budget commits billions to expanding the mining sector even as the government projects a 78.3 billion Canadian dollar ($55.3 billion) deficit for the fiscal year ending March 31. The plan includes major funding and tax incentives aimed at positioning the country as a leading global supplier of…

Benzinga

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.

Pedestrian.tv

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.

Benzinga

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.

Fortune

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.

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