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Wonkblog: The GOP has a plan to make the $20 trillion U.S. debt even worse

“Senate Republicans have tentatively agreed to a budget deal that would allow them to pass a $1.5 trillion tax cut” reports washingtonpost.com. Then they will come back later this year to enact the details of the tax plan.What the Senate is saying this week is that tax cuts could add as much as $1.5 trillion to the debt.The interest payments alone on U.S. debt are going to triple in the next decade, according to the CBO. That’s before adding an additional $1.5 trillion in debt. Source: washingtonpost.com Share This:

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Hannover Re warns on Harvey, Irma hit to profit

“German reinsurance company Hannover Re AG (HNR1.XE) said Thursday it could miss its 2017 profit target because the bill from recent natural catastrophes is likely to exceed its budget for large losses” writes Marc Navarro for marketwatch.com. Hannover Re said its EUR825 million loss budget could absorb costs related to hurricanes Harvey and Irma, but the more recent Hurricane Maria and an earthquake in Mexico will strain it past capacity. Barclays analysts said earlier in the week that other insurers were in danger of missing earnings guidance due to natural…

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The federal government is morbidly obese but Sen. Tom Cotton still wants to quit the diet

“I gave them the perfect vehicle to do so because it didn’t only repeal spending cuts for defense but also for non-defense as well.”” writes Philip Wegmann for washingtonexaminer.com. Democrats skipped an opportunity to end the automatic and painful budget cuts in order to get “more leverage for budget negotiations in November and December.”. The military shouldn’t be forced to shoulder the spending cuts by itself. Source: washingtonexaminer.com Share This:

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Implications of the GOP’s $1.5 trillion tax cut

“And while the final size of the tax cuts may still change, the $1.5 trillion being considered is significant for several reasons: 1” writes Aol Staff for aol.com. That budget blueprint is a critical step toward enacting any tax cut or tax reform plan.But it’s increasingly clear that Republicans have largely jettisoned the idea of fully paying for their tax plan in favor of getting as large a tax cut as they can.Now we have a number: Members of the Senate Budget Committee have reportedly struck a tentative deal for…

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Report: Republicans Tentatively Agree on Tax Number

“We should be doing everything to grow our economy and part of that is as aggressive pro-growth tax reform as we can get.”” reports realclearpolitics.com. Ron Johnson, R-Wis., one of the budget panel’s more ardent advocates of tax cuts, said a 10-year, $1.5 trillion tax cut “ought to be a minimum.”. Corker didn’t offer a number, but officials familiar with the Senate Budget panel’s internal discussions said the tax measure would amount to $1.5 trillion.But both House and Senate Republicans are divided and the budget debate is months behind schedule.The…

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White House seriously considers abandoning some tax cuts for the wealthy

“The White House and GOP leaders remain fully committed to reducing the corporate tax rate and delivering tax cuts for the middle class, the people said” reports washingtonpost.com. Bob Corker (R — Tenn.), who has raised concerns about passing a tax plan that adds to the debt.In April, the White House put out a one-page blueprint of its tax plan that would have repealed the estate tax, eliminated the alternative-minimum tax and cut the top individual tax rate from 39.6 to 35 percent.The White House and GOP leaders are still…

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Ask Brianna: How can I budget when my rent is so high?

“In 2015, almost half of all U.S. renters were cost-burdened, meaning they spent more than 30 percent of their income on housing, according to the Joint Center for Housing Studies of Harvard University” writes The Associated Press for seattletimes.com. But when you enter your information into a budget calculator , rent might take up nearly the entire “necessities” category.In the meantime, try these budgeting strategies so you can pay the rent, then make room to build savings and reduce debt.How can I manage other financial priorities, like paying off debt,…

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Republican senators strike tentative deal to allow for significant tax cut: report

“Two Republican senators have struck a tentative deal to craft a budget that would allow for a significant tax cut, according to a published report Tuesday” writes Fiscal Policy Reporter for marketwatch.com. Bob Corker of Tennessee and Pat Toomey of Pennsylvania had disagreed over allowing a budget that would add to the deficit. Corker did not specify the amount of the tax cut. Source: marketwatch.com Share This:

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In United Nations debut, Trump calls for reform

“President Donald Trump made his debut at the United Nations on Monday, using his first moments at the world body to urge the 193-nation organization to reduce bureaucracy and costs while more clearly defining its mission around the world” reports thebostonchannel.com. The United States is the largest contributor to the U.N. budget, reflecting its position as the world’s largest economy.It will be the first time world leaders will be in the same room and able to take the measure of Trump. Source: thebostonchannel.com Share This:

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