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Initiative allows newborns to be enrolled in new and streamlined processes Baltimore, MD – Today, the Social Security Administration (SSA) announced it is launching processes for parents to enroll newborns in Trump Accounts. This automatic system will help ensure that every newborn has the opportunity to benefit from a Trump Account from the start of life. One year ago, on July 4, 2025, President Donald J. Trump signed into law the Working Families Tax Cuts, which created Trump Accounts, a new type of individual retirement account for eligible minors under the age of 18. "Trump Accounts represent one of the...

WASHINGTON (AP) — The Pentagon has told senators it needs roughly $80 billion, mostly to cover the cost of the U.S. war against Iran, adding to what is already a sizable military spending boost being sought by President Donald Trump. The White House Office of Management and Budget has yet to make a formal request to Congress. But Defense Secretary Pete Hegseth has been making the rounds on Capitol Hill, including Monday evening. A top deputy defense secretary told senators about the Iran funding request last week, according to two people familiar with the situation but not authorized to discuss...

Cost to taxpayers for Obama Center keep piling up Illinois taxpayers may be on the hook for millions in unpaid contractor fees for the Obama Presidential Center as the foundation's promised $420 million "safety net" fund to prevent a taxpayer bailout has yet to materialize and many black-owned contractors are being left unpaid. Meanwhile, multiple contractors are now saying that the Obama Center hasn't paid them for millions of dollars for their work. And some are wondering if taxpayers will be forced to pay up, according to Fox News. Some of these subcontractors say they are locked in payment disputes...

Ever gotten so deep in credit card debt that you stopped opening the bills because it felt hopeless and looking at the numbers simply stressed you out? If not, I congratulate you on your thrift and prudence. But a lot of people have reached that point, as you will discover if you spend much time on personal finance forums. If you are someone who pays off your credit card every month, it can be hard to understand why anyone would just stop opening their bills. Sure, it is hard to contemplate your financial problems. But contemplation, however unpleasant, is not...

Records show the price tag for the White House ballroom is rising to $600 million, with half of the costs funded by taxpayer dollars, according to a new report from The Washington Post. The news comes months after President Trump said private donors would pay for the $400 million initiative to construct a new ballroom in place of the East Wing. At the end of March, Trump told reporters “We’re donating a building that’s approximately $400 million.”

The U.S. national debt has crossed an ominous threshold, rising above 100 percent of national gross domestic product, or GDP. This is the first time since World War II that debt has been so high a percentage of national economic output.AdvertisementThat is a big problem because the federal debt undermines the value of the U.S. dollar and diverts investment from the wealth-creating private sector. The rising debt and its pressure on the nation’s economy will force the federal government and Federal Reserve, the latter led by newly confirmed chair Kevin Warsh, to make hard decisions they have put off for...

For decades, politicians in Washington have paid lip service to “fiscal responsibility” as they practice fiscal irresponsibility on a scale unprecedented in American history. The national debt of the United States has now climbed beyond $35 trillion, a number so large that it has ceased to register emotionally with most citizens. Yet numbers do not lose their consequences simply because they become difficult to imagine. A trillion dollars is a thousand billion dollars. Thirty-five trillion dollars represents obligations so enormous that future generations may spend much of their lives paying for promises made long before they were old enough to...

Iconic burger chain Carl’s Jr. is under increasing financial pressure from both California’s cost of doing business, $20 minimum wage rules and public safety issues that employees allege are spilling into the workplace. Carl’s Jr. has 588 stores in California as of 2025, but that number declined by 25 from 2023, when it had 613 stores in the state, according to internal franchise documents. Last month, a major franchisee filed for bankruptcy, affecting 11% of operations across the state. The doomed franchisee, Friendly Franchisees Corporation, last month explicitly blamed the state’s relatively new $20 minimum fast-food wage touted by the...

The US is heading toward a federal debt load that could reach 175% of gross domestic product over the next three decades unless Congress takes corrective action, according to a new special report from the Wells Fargo Investment Institute. But the firm's Global Fixed Income Strategy Team stopped well short of sounding an alarm for investors, arguing instead that the trajectory, while troubling, remains manageable. The report draws on Congressional Budget Office projections and Treasury Department data to paint a detailed picture of the country's fiscal position. The debt-to-GDP ratio is already expected to hit 101% in 2026, matching its...

WASHINGTON — The estimated price tag for the war in Iran so far has jumped to $29 billion, up from the $25 billion figure given at the end of April, a senior Pentagon official revealed Tuesday. Jules Hurst, acting under secretary of Defense who serves as the de facto chief financial officer at the Pentagon, told the House Appropriations Subcommittee on Defense that the higher amount came from a further crunching of the numbers. “The Joint Staff team, with the comptroller team are constantly looking at that estimate, and so now we think it’s closer to [$]29 [billion],” Hurst said....

Survey finds 42% of people feel like they’ll have credit card debt until they die Americans collectively owe $1.3 trillion in credit card debt, with the average household carrying more than $11,000 in balances. John Kiernan, managing editor at WalletHub, said people are struggling with credit card debt. A new WalletHub survey found about 2 in 5 people say they expect to have more credit card debt by the end of this year. “And 42 percent of Americans feel like they’ll have credit card debt until they die,” Kiernan said. “So, it’s an expensive thing that’s kind of eating away...

Washington — President Trump said in a phone interview with CBS News Monday morning that he aims to suspend the federal gas tax "for a period of time." "I think it's a great idea," the president said. "Yup, we're going to take off the gas tax for a period of time, and when gas goes down, we'll let it phase back in." Gas prices have soared over 50% since the start of the Iran war on Feb. 28, hitting a high of over $4.52 on Sunday, according to AAA. Analysts say the prices are likely to remain high with Iran...

The U.S. government learned last week that it may have reached an unfortunate milestone: The size of its debt surpassed the nation’s total economic output. It was a striking imbalance, according to early estimates, one that the country has experienced only in rare circumstances — briefly during the pandemic, and in the aftermath of World War II. But the development barely seemed to register in the nation’s capital, where few policymakers bothered to acknowledge the latest warning sign about the government’s poor fiscal health. The root of the problem is well-documented and widely known. U.S. debt has soared in recent...

President Trump signed an executive order Thursday aimed at getting tens of millions of American workers enrolled in retirement accounts. The order further directs the Treasury Department to implement the Federal Saver’s Match program to boost Individual Retirement Account (IRA) savings. Here’s what you need to know about the new accounts and the billions of dollars in federal matching available. Who is eligible? Through the website TrumpIRA.gov – launching in January 2027 – all Americans will be eligible to browse and enroll in “high-quality, low-cost” IRA plans offered by private-sector financial institutions. The plans offered will cater to “American workers...

Six months before Election Day, America’s $39 trillion national debt has moved from an abstract fiscal concern to a dinner-table anxiety… A new national survey released Thursday by the Peter G. Peterson Foundation found that 92% of registered voters are concerned that the national debt is fueling inflation and driving up their personal cost of living, including prices for groceries, energy, housing, and transportation. The figure includes 94% of Democrats, 92% of independents, and 89% of Republicans — a degree of bipartisan alignment rarely seen in today’s fractured political environment… The concern extends beyond deficits in the abstract. Eighty-eight percent...

Rep. Chip Roy (R-Texas) on Friday warned that the growing national debt is “a ticking time bomb” and he called on his fellow lawmakers to do “much more.” The U.S. national debt crossed 100 percent of gross domestic product (GDP) at the end of the first quarter, the first time the debt crossed that line since 1946. The debt surpassed $39 trillion in March, a mere five months after it reached $38 trillion. Roy told Fox Business’s Cheryl Casone that the debt is “a ticking time bomb and that some of us have been talking about for a long time.”...

The U.S. national debt now exceeds 100% of gross domestic product, crossing a once-unthinkable threshold, on the way toward breaking the record set in the wake of World War II. As of March 31, the country’s publicly held debt was $31.265 trillion, while GDP over the preceding year was $31.216 trillion, according to data released Thursday. That puts the ratio at 100.2%, compared with 99.5% when the last fiscal year ended Sept. 30. That figure will likely climb for the foreseeable future because the federal government is running historically large annual deficits of nearly 6% of GDP, which add to...

Defense Secretary Pete Hegseth on Wednesday said $400 million in Ukraine support was released after Sen. Mitch McConnell (R-Ky.) penned an angry op-ed criticizing the stall in funding. “The department recognizes that $400 million was allocated for European capacity building, and as of yesterday, it has been released,” Hegseth said in response to a question about the aid from Rep. Sarah Elfreth (D-Md.). Elfreth followed up to ask whether the money was released under contract. Pentagon Comptroller Jules Hurst III said the aid was “not under contract, but released to be put under contract.” When pressed by Elfreth on when...

the first time since 1996, foreign central banks now hold more gold than U.S. Treasuries (U.S. debt) in their reserves, marking a historic turning point in global reserve management. Data published by Visual Capitalist reveals that, in the course of 2025, the share of gold in central bank reserves surpassed that of U.S. debt holdings, a trend driven by rising geopolitical uncertainty and a quest for asset diversification. Between 2021 and 2025, central banks - particularly in emerging markets like China, India and Turkey - significantly increased their gold holdings. This move reflects a broader strategy to reduce reliance on...

Sens. Lisa Murkowski (R-Alaska) and Rand Paul (R-Ky.) broke ranks Thursday morning and voted against a budget resolution that could set the stage for ending the two-month shutdown of the Department of Homeland Security. Murkowski, a senior member of the Senate Appropriations Committee, opposed the budget resolution because it would lay the groundwork for passing a budget reconciliation package to fund Immigration and Customs Enforcement (ICE) and Border Patrol for 3 1/2 years — effectively taking those two key agencies out of the annual congressional appropriations process. Murkowski supports funding those critical immigration enforcement agencies, but she didn’t like that...