Tag Archives: Center on Budget and Policy Priorities

Biden 2025 Budget Would Offer ‘Welcome Relief,’ But Not Enough

One expert said that enacting his reforms “will begin to reverse the 40-year one-way ratchet of falling taxes for the wealthy and corporations and instead invest in workers and families.”

By Jessica Corbett. Published 3-11-2024 by Common Dreams

*Photto: U.S. Secretary of Defense/flickr/CC*

On the heels of delivering the latest State of the Union speech and signing a package of funding bills, U.S. President Joe Biden on Monday unveiled his budget blueprint for fiscal year 2025, a proposal praised by congressional Democrats and progressive advocates who want him to go even further.

The $7.3 trillion budget comes as the divided Congress is still sorting out funding for the current fiscal year. Given those divisions—and that the Republican House majority is already advancing its own budget resolution for the fiscal year that begins in October—the Democratic president’s plan is widely seen as a statement of priorities going into the November election.

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‘Unacceptable’: US Homelessness Hits Record High

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“Without significant and sustained federal investments to make housing affordable for people with the lowest incomes, the affordable housing and homelessness crises in this country will only continue to worsen,” warned one campaigner.

By Jessica Corbett. Published 12-15-2023 by Common Dreams

*A homeless encampment in Minneapolis January 2023 Screenshot: KARE*

The number of people in shelters, temporary housing, and unsheltered settings across the United States set a new record this year, “largely due to a sharp rise in the number of people who became homeless for the first time.”

That’s a key takeaway from an annual report released Friday by the U.S. Department of Housing and Urban Development (HUD).

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‘Imminent Danger’: Millions Set to Lose Medicaid, Food Benefits Once Public Health Emergency Ends

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“When the public health emergency ends, many individuals and families will experience the cumulative impact of losing access to both Medicaid and SNAP,” advocates warned.

By Jake Johnson Published 10-19-2022 by Common Dreams

Logo: Public Domain

In less than three months, millions of people across the U.S. could be kicked off Medicaid and see their food benefits slashed if the Biden administration declines to further extend the federal public health emergency that was first declared at the start of the coronavirus pandemic.

Last week, Health and Human Services Secretary Xavier Becerra announced an extension of the public health emergency (PHE) until January 11, but it’s not clear whether the administration is planning another renewal—leaving millions of households concerned about their health coverage and Supplemental Nutrition Assistance Program (SNAP) benefits. Continue reading →

Successful GOP Repeal of ACA Would Strip Health Coverage From Millions and Give Top 0.1% a Massive Tax Cut—During a Pandemic

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“If Trump gets the Supreme Court to strike down ACA, the richest 0.1% would get a tax cut of $198,000 a year, and Big Pharma would get a tax cut of $2.8 billion. But millions of seniors would pay billions more for prescription drugs, and 20 million would lose their health insurance.”

By Kenny Stancil, staff writer for Common Dreams. Published 10-6-2020

Health Care Reform Law Protests at the US Supreme Court in 2012. Photo: Elvert Barnes/CC

New research released Tuesday shows that if the Supreme Court next month sides with the Trump administration and 18 state attorneys general seeking to repeal the Affordable Care Act, more than 20 million people would lose health insurance and millions more would be forced to pay more for healthcare—in the middle of a pandemic—while Big Pharma and the richest 0.1% would enjoy major tax cuts.

“The stakes in this case, always extraordinarily high”—wrote Tara Straw and Aviva Aron-Dine in one of several reports (pdf) published this week by the Center on Budget and Policy Priorities (CBPP)—”are even higher now amidst a global pandemic and an economic crisis that has caused more people to lose health insurance and become eligible for help from the ACA.” Continue reading →

Senate Democrats Join GOP to Back ‘Automatic Austerity’ Bill That Would Gut Social Programs, Hamstring Bold Policies

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“One priority of a Sanders or Warren White House absolutely must be politically crushing the deficit scolds within the Democratic Party.”

By Jake Johnson, staff writer for Common Dreams. Published 11-14-2019

Sheldon Whitehouse. Screenshot: MSNBC

A handful of Senate Democrats joined forces with Republicans last week to advance sweeping budget legislation that would establish an “automatic deficit-reduction process” that could trigger trillions of dollars in cuts to Medicare, Medicaid, food stamps, and other social programs—and potentially hobble the agenda of the next president.

The Bipartisan Congressional Budget Reform Act (S.2765), authored by Sens. Sheldon Whitehouse (D-R.I.) and Mike Enzi (R-Wyo.), passed out of the Senate Budget Committee on November 6. The legislation is co-sponsored by five members of the Senate Democratic caucus: Whitehouse, Mark Warner (Va.), Tim Kaine (Va.), Chris Coons (Del.), and Angus King (I-Maine). Continue reading →

‘Like Nominating Dr. Phil to Run CDC’: Alarm Bells as Trump Nominates Right-Wing Sycophant Stephen Moore to Federal Reserve

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Concerned economic and political commentators decried Moore as “a famous idiot” who “has proved deeply impervious to facts.”

By Jessica Corbett, staff writer for Common Dreams. Published 3-22-2019

President Donald Trump said Friday he will nominate right-wing commentator Stephen Moore to the Federal Reserve board. (Photo: CBN)

Economists and progressive experts responded with exasperation and unease on Friday after President Donald Trump said he will nominate right-wing commentator Stephen Moore to the Federal Reserve, the gatekeeper of the nation’s economy.

“I will be nominating Mr. Moore for the Fed. You know who I’m talking about,” Trump told reporters while arriving in Florida for the weekend. “He’s going to be great on the Fed.” Continue reading →

While Hiking Bloated Military Spending, Trump Budget Would Slash Medicaid By $1.1 Trillion

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The president is attempting to hand the Pentagon even more than it asked for while gutting programs for ordinary Americans

By Jake Johnson, staff writer for Common Dreams. Published 3-11-2019

Medicare for All Rally, Los Angeles 2017. Photo: Molly Adams/flickr

While giving the bloated Pentagon “even more than it hoped for” by boosting U.S. military spending to $750 billion—an increase of $34 billion from last year—President Donald Trump’s 2020 budget would cut Medicaid by $1.1 trillion over the next decade.

Set to be unveiled on Monday, the president’s budget will call for a total of $2.7 trillion in cuts to safety net programs, environmental protection, food and housing assistance, and foreign aid over ten years, according to a summary reviewed by the Washington Post. Continue reading →

With Most Benefits Going to Rich, ‘Reckless and Stupid’ GOP Tax Scam 2.0 Could Cost $3 Trillion Over Ten Years

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“Think how many kids we could put through college, roads we could pave, families that could get child care, seniors that could get help with prescription drugs with that much money. Shame!”

By Jake Johnson, staff writer for Common Dreams. Published 9-11-2018

Tax reform press briefing October 31, 2017. Screenshot: YouTube

In their latest “reckless and stupid” bid to deliver massive rewards to ultra-wealthy Americans, House Republicans on Monday introduced three pieces of legislation that make up the GOP’s so-called “Tax Reform 2.0” package.

But with less than two months to go before crucial midterm elections, early estimates indicate the GOP’s proposals would blow a nearly $3 trillion hole in the federal budget over ten years while sending the vast majority of the benefits to the top. Continue reading →

‘Truly Dumb’: Why $2.4 Trillion Corporate Tax Cut Will Not Magically Pay for Itself

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Economists and tax experts push back against White House reported plan to slash corporate rate by 60 percent

By Jon Queally, staff writer for Common Dreams. Published 4-25-2017

“Not to put too fine a point on it, this is false” writes Jared Bernstein in response to claims by Trump’s Treasury Secretary claims that $2.4 trillion corporate tax cut will magically pay for itself. (Photo: Timothy Krause/cc/flickr)

With reports that President Donald Trump wants to slash the corporate tax rate by 60 percent and Treasury Secretary Steven Mnuchin claiming widespread cuts for the nation’s wealthy and powerful will magically pay for themselves, progressive economists and tax experts are issuing early warnings that this is simply the latest attempt by Republicans to pull the wool over the eyes of average American taxpayers.

With more details expected during an offical White House announcement on Wednesday, numerous outlets have already reported that Trump will tout cutting the corporate tax rate from its current 35 percent down to an even more paltry 15 percent. As is well known and repeatedly documented, even the 35 percent official rate is largely a mythical number that few U.S. corporations actually pay. Continue reading →

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Tag Archives: Center on Budget and Policy Priorities

‘Like Nominating Dr. Phil to Run CDC’: Alarm Bells as Trump Nominates Right-Wing Sycophant Stephen Moore to Federal Reserve

Concerned economic and political commentators decried Moore as “a famous idiot” who “has proved deeply impervious to facts.”