The new budget forecasts predicted that the United States will record a $1.9 trillion budget deficit this fiscal year and that annual deficits over the next decade will total $21.1 trillion. That will be piled on to a national debt that currently exceeds $36 trillion.

As a presidential candidate last year, Donald Trump declared that if California Gov. Gavin Newsom (D) did not divert more of the state’s limited water supply to farmers, “we won’t give him money to put out all his fires. And if we don’t give him the money to put out his fires, he’s got problems.”

Extending the tax law that’s set to expire would add $4.6 trillion to the national debt — so some GOP lawmakers want to change the rules.

George Will, an anti-Trump columnist for The Washington Post, wrote a scathing assessment of President Biden's actions as president as he prepares to leave office.

With the clock is ticking on the Social Security Trust Fund, Reps. George Latimer and Mike Lawler say more time is needed to study the options.

The national debt is slated to rise by $23.9 trillion over the next decade, a sum that does not include trillions of dollars in additional tax cuts being championed by President-elect Donald Trump. The nonpartisan Congressional Budget Office released its 10-year budget outlook on Friday that showed a slightly brighter picture as higher taxable incomes will relieve some pressure on the rising national debt.

The Navy's 2025 plan would cost 46 percent more each year—when adjusted to take out inflation—than the average amount dedicated yearly over the past five years, the CBO said. The total shipbuilding costs would cost $40 billion annually over the next 30 years in today's money, coming in at 17 percent more than the Navy estimates.

Surging long-term interest rates and stubborn inflation are inflaming divisions among congressional Republicans over paying for the sweeping tax cuts Donald Trump promised, complicating the path to passage with the party’s already tenuous majority.

President-elect Donald Trump will take the oath of office from inside the Capitol Rotunda Monday due to forecasts of intense cold weather.

Washington is set for a rollicking tax fight in the coming year, with observers of all stripes expecting a historic deal to extend Donald Trump's 2017 tax cuts at some point.

As President-elect Donald Trump prepares to take office, the U.S. government’s fiscal health is bleak, with debt and deficits set to reach record levels.

The Congressional Budget Office (CBO) projected on Friday that the federal budget deficit would hit $1.9 trillion in fiscal year 2025. The nonpartisan budget scorekeeper estimated that federal