The Latest Breaking News from Federal Budget

Musk has been claiming he could make $2 trillion in cuts since October

Elon Musk initially pledged to cut some $2 trillion from the federal budget, alongside his DOGE partner, politician Vivek Ramaswamy.

It’s the most wonderful time of the year: when Washington says it will cut the federal deficit. Easier said than done! Just ask the 2011 super committee, which had a mandate and bipartisan support yet failed spectacularly. For this podcast, we combine the powers of the Political Theater podcast with…

The CBO estimated that more tariff revenue would help shrink the federal budget deficit by $2.7 trillion from fiscal years 2025 to 2034.

DOGE, led by Elon Musk and Vivek Ramaswamy, aims to cut trillion from the federal budget by targeting key areas and proposing workforce changes.

Federal budget cuts in 2025 and beyond loom as a wild card for Palantir stock and software makers amid Donald Trump's DOGE initiative.

After two successive surpluses, the federal budget will be back in deficit in 2024–25, according to the much-anticipated budget update released on Wednesday.

The federal budget is headed for a deficit of $26.9 billion this financial year – $1.3 billion better than the estimate in May – but in the following three years the budget is forecast to be deeper in the red than earlier forecast.

Budget downgrade blamed on Australian economy being hit harder than anticipated by higher interest rates, cost of living pressures and global uncertainty

Cost-of-living relief measures are off the table in the mid-year budget update, as a tax expenditure list shows the type of deductions that cost the most.

With a debt-to-GDP ratio of 122.84% and a recent hike in its interest expenses— now costing $1.133 trillion due to inflation and rising interest rates, the USA is spending 17% of its federal budget just to maintain its debt.