Free Republic

It seems to me that what’s been lost in the discussion about the fedgov shutdown is the fact that this country has been operating under “omnibus” CRs for some time. The proper appropriations process seems to be a forgotten function of Congress, what do we pay these people for? Even under Republican control, there seems to be no desire to do what should be done regarding funding the government; not even “King” Trump has spoken on this issue (as far as I know), and nothing from loudmouths such as Rand Paul, Tom Massie, or MTG, why? Of course, this how...

By the time the Pilsen Food Pantry opened on a recent morning, Ulysses Moreno had been there for two hours — with a line of people behind him that snaked around the corner. “This is a lifeline for me,” said Mr. Moreno, 39. He had lost his construction job a few days earlier, and with three teenagers at home, he wanted to make sure he could stock up. “Our food budget doesn’t stretch as far as it used to.” A few miles away, on Chicago’s glitzy Magnificent Mile, luxury hotels are bustling. Jewelry stores and designer boutiques do brisk business....

Just about everywhere you look in the rich world, government finances are in ruins. France, as its debt mounts, is getting through prime ministers faster than Versailles went through wigs; on October 14th Sébastien Lecornu, the latest, proposed delaying an increase to the retirement age that was meant to restore sanity to the budget. In Japan both rival candidates for prime minister want to splash out, despite their country’s vast debts. Britain faces big tax rises to plug a hole in its budget, after welfare reforms were mostly abandoned—and despite a supposed once-and-for-all tax rise last year. Looming over everything...

The provisions placed by the Democrats are utterly absurd. The headlines discuss the issue of health care without mentioning the endless demands they’ve made that in no way benefit America or the American people. Half of our elected representatives are refusing to reopen the government unless the GOP agrees to send $5 billion in taxpayer funds to foreign nations. What will these foreign nations do with our $5 billion in aid so crucial that the US government cannot effectively operate without it? Naturally, the majority of the package ($1.8 billion) will be funneled through USAID into NGOs that line politicians’...

Deutsche Bank analyst George Saravelos said AI spending is offsetting other economic headwinds. He recently said that without the huge capex from Big Tech, a recession would be more likely. However, he also said there are key questions about what happens when the spending spree ends.AI spending has grown to be so enormous that it might be a driving force for the entire economy, not just an engine for stock-market gains. In a note on Tuesday, George Saravelos, Deutsche's global head of FX research, argued that if US tech companies hadn't dramatically ramped AI capex this year, the economy would...

Kennedy didn’t hold back as he read aloud what Democrats are fighting to restore. “We found that under President Biden, they were spending $3 million for circumcisions and vasectomies in Zambia,” he said. “We took that out. The congresswoman says, ‘We’re gonna shut down government until you put that back in.’” And that was just the beginning. “We found $500,000 of American taxpayer money for electric buses in Rwanda...” “We found $3.6 million for pastry cooking classes and dance focus groups for male prostitutes in Haiti. I kid you not. I’m not making this up. It was in the budget...

Global debt hit a record high of $337.7 trillion at the end of the second quarter, driven by easing global financial conditions, a softer U.S. dollar and a more accommodative stance from major central banks, a quarterly report showed on Thursday. The Institute of International Finance, a financial services trade group, said that global debt rose over $21 trillion in the first half of the year to $337.7 trillion. China, France, the United States, Germany, Britain, and Japan recorded the largest increases in debt levels in U.S. dollar terms, though some of that was due to a waning dollar, the...

It is sadly humorous to me, but not surprising, that Elizabeth Guevara, writing for Investopedia, can only seem to offer one solution for young people considering college, now that there is a cap on available federal student loans. From a new article via Yahoo Finance: New Student Loan Limits May Force More Borrowers to Take Out Private LoansThe ‘One Big, Beautiful Bill’ will restrict the amount of federal student loans available to college students next year. Students may have to take out riskier private loans to cover the rest of their schooling. The average medical graduate student will not be...

The Supreme Court on Tuesday paused a court order requiring President Donald Trump to distribute roughly $4 billion in foreign aid that he has tried to cancel through a "pocket rescission," Reuters reported. The order follows a lower court determining that Trump lacked the authority to withhold funding that Congress allocated. The 2nd Circuit on Friday upheld the district court order from Judge Amir Ali finding that Trump needed congressional authority to withhold the funds. “To be clear, no one disputes that defendants have significant discretion in how to spend the funds at issue, and the court is not directing...

GENEVA, Sept 1 (Reuters) - The International Labour Organization is assessing the impact of a $107 million funding cut proposed by the Trump administration to the Geneva-based U.N. agency, according to an internal message reviewed by Reuters. Staff at the ILO, which promotes international labour rights, told Reuters there are fears of further job cuts as the U.S., which contributes 22% of the ILO's regular budget, seeks to row back on funding. President Donald Trump has moved to unilaterally cancel $4.9 billion in foreign aid authorised by Congress for a number of international programmes, including a $107 million cut to...

The U.S. government’s gross national debt has surpassed $37 trillion, a record number that highlights the accelerating debt on America’s balance sheet and increased cost pressures on taxpayers. The $37 trillion update is found in the latest Treasury Department report issued Tuesday which logs the nation’s daily finances. The national debt eclipsed $37 trillion years sooner than pre-pandemic projections. The Congressional Budget Office’s January 2020 projections had gross federal debt eclipsing $37 trillion after fiscal year 2030. But the debt grew faster than expected because of a multi-year COVID-19 pandemic starting in 2020 that shut down much of the U.S....

When asked how far the US government has plunged into the red, many fiscally-conscious Americans will tell you the national debt has reached $37 trillion. As distressing as that official number is, America’s true fiscal situation is even worse — far worse. According to a barely-publicized Treasury report, the actual grand total of Uncle Sam’s obligations is more than $151 trillion.That huge discrepancy springs from the fact that the federal government doesn’t hold itself to the same accounting standards it imposes on businesses. Rather than using accrual accounting — which recognizes expenses when they’re incurred — our Washington overlords self-servingly...

President Donald Trump’s administration is considering a move, called a “pocket rescission,” that would effectively rescind federal funding and potentially bypass congressional approval, Office of Management and Budget Director Russ Vought said on July 27.The strategy occurs when a president submits a rescission proposal under the Impoundment Control Act—requesting Congress to cancel previously appropriated funds—within 45 days of the end of the fiscal year, Sept. 30. The funds are withheld during the 45-day congressional review period, and if Congress doesn’t act before the fiscal year ends, the funds expire.When a rescission request is made outside of the fiscal year-end window,...

Business production spending has seen its highest climb since 1997, when accounting for post-COVID reopenings, the Trump administration has announced in a release obtained by Blaze News. Capital expenditures — or capex, which refer to what companies spend on their research and development, software, transportation, and more — are a great way to gauge how much businesses are expanding or developing their operations. Additionally, real wages are also rising, according to the Trump administration, and the growth speed in 2025 has been outpaced by only one previous administration. Business equipment production jumped 11% in Q2 2025 after already garnering a...

It’s finally passed and heading for President Trump's desk for signature. The recissions package has made it over the finish line in a 216-213 vote in the House. It had to be bounced back from the Senate, which passed it on a 51-48 vote, as the upper chamber had made slight adjustments to it during the vote-a-rama process. The GOP has slim majorities in Congress, but they’re getting the Trump agenda through. 216-213:House approved the Trump WH's 1st round of DOGE spending cuts, $9B in foreign aid & public broadcasting from previously approved funding by Congress. Republicans Fitzpatrick (PA) &...

House Speaker Mike Johnson said Sunday on Fox Business that Republicans plan to bring more reconciliation bills and rescission packages to the floor within the coming year to help President Donald Trump achieve his “America First” agenda. Host of “Sunday Morning Futures” Maria Bartiromo asked the Louisiana Republican about the party’s plans for the future, and Johnson said they’ve been setting up a framework for quite a while. “We’re implementing a playbook that we designed well over a year ago,” he replied. “About 15 months ago, we began this process, understanding and believing that we would win unified government, that...

The Big Beautiful Bill Act (BBBA) will add trillions of dollars to the national debt over the next decade. Elon Musk is right that this is a turning point for American citizens. It is now clear that neither political party has the will to enact a fiscally responsible budget or solve the debt crisis. Musk threatens to form a third party if Congress kicks this can down the road. The budget process is broken, as special interests continue to carve out their bits of a spoils system. Congress is not even willing to discuss reforms in Social Security and Medicare....

Krugman: This Austerity Craze Is Just Mind-Boggling--It's As If We WANT The 1930s To Happen Again Henry BlodgetJun. 17, 2010, 10:07 PM Paul Krugman continues to hammer away on the idea that the world's sudden lurch toward austerity will crush the recovery and send us tumbling back into recession. Suddenly, creating jobs is out, inflicting pain is in. Condemning deficits and refusing to help a still-struggling economy has become the new fashion everywhere, including the United States, where 52 senators voted against extending aid to the unemployed despite the highest rate of long-term joblessness since the 1930s. Many economists, myself...

Bidenflation is over. But if you feel like prices still aren't falling, you're not alone. Since Donald Trump took office, inflation has plunged from a Biden-era 5 percent to just 1.4%. This is actually below the Fed's target of 2%. Normally, at this point, the Fed would be trying to pump inflation since it's "too low." Of course, for the American people, 1.4% is not "too low." What they want is falling prices, as in take it back to pre-Biden prices. Will that happen? In short, no. Prices will never durably fall until we get rid of the Federal Reserve....

On Thursday, the United States House of Representatives narrowly passed the first rescissions package, which will eliminate billions in unnecessary spending by the federal government. The bill will now go to the Senate, where it requires only a simple majority to pass. This first rescissions package is said to cut $9.4 billion in spending.The House of Representatives passed President Donald Trump's $9.4 billion plan to claw back federal funds for foreign aid, PBS and NPR.The 214 to 212 vote was mostly along party lines, with no Democrats voting for the bill. Four Republicans voted against the measure, however – Reps....