A Federal Reserve economist says her research supports theories that suggest intense political partisanship can lead to higher federal deficits as well as weaker economic growth.Marina Azzimonti, an economist at the Federal Reserve Bank of Philadelphia, searched newspapers between 1891…
The Senate Appropriations Committee approved a $549 billion defense bill last week that leaves out many of the savings proposed by military leaders.The bill, for example, would preserve weapons systems the Pentagon has not requested or wants to retire, including…
Despite a strengthening economy, the administration’s Mid-Session Review budget projections show little change in the overall fiscal outlook.The report, released Friday, anticipates a deficit for the current fiscal year of $583 billion, down $66 billion from the administration’s March projection.…
The House Ways and Means Committee and Senate Finance Committee approved similar plans last Thursday to transfer $10 billion in general revenues to the Highway Trust Fund.Unfortunately, both plans rely on “pension smoothing,” a gimmick that was used in the…
