Latest news with #federaldeficit
Yahoo
20 hours ago
- Politics
- Yahoo
As Christian missionary, I oppose increasing deficit to deport peaceful migrants
Few leaders today are willing to stand up against policies that saddle our children and grandchildren with massive debt. As the "big beautiful bill" comes before the U.S. Senate for consideration, Wisconsin's senior U.S. Senator, Ron Johnson, is right to oppose the current version. I spent most of my career as an evangelical missionary in Central America, and now in my retirement I teach English to immigrants through my church. There are some provisions of this bill that I appreciate. As a pro-life Christian, for example, I would be happy to see Planned Parenthood defunded. Yet, there are several problems with the bill overall, which would add $3 trillion to the federal deficit over the next decade, in part as an effect of the bill's dramatic spending on immigration enforcement. There's no question that Sen. Johnson is committed to secure borders, as am I. But the reality is that the border is relatively quiet right now, with so few individuals arriving unlawfully that most Border Patrol agents along the U.S.-Mexico border do not interact with a single unlawful crosser in a typical month. While some new resources may be needed, $60 billion for border security is a ton. At a certain point, more walls and Border Patrol staffing start to look more like a government-subsidized jobs program than a real national security strategy. Similarly, Immigration & Customs Enforcement needs enough funding to detain and deport violent criminals, as President Trump has said is the priority. But with $3.4 billion currently allocated for detention, most currently-detained individuals have not been convicted of any crime, and the greatest increase in detainees has been among those never accused of any crime. This suggests that the funding is not targeting violent criminals but rather sweeping up peaceful individuals who pose no threat. Yet this bill proposes $45 billion in new funding for detention alone. Letters: House budget provision exempts executive branch from following court orders That spending doesn't just increase the deficit. It also means detaining hardworking members of our community, including the dairy workers our state depends upon. Many of these individuals entered lawfully. They were sponsored by churches or family members, came through airports and lived and worked legally in our state until the administration terminated their temporary legal protections, making them vulnerable to detention and deportation. Johnson has rightly affirmed that legal immigrants contribute in important ways to our state's economy, and Trump has also acknowledged the indispensable role of many immigrants in agriculture and other sectors of our economy. But the budget bill would almost certainly lead to many being detained and deported at taxpayers' expense. When I lived abroad as an American in Costa Rica, I had to navigate that country's rules governing foreigners' presence, and I understand that our country must have such processes as well. But I was never made to feel hunted or harassed, as many immigrants do here today, even those who entered lawfully and have been working lawfully. Now, as I help hardworking farmworkers and other immigrants learn English here in rural Sheboygan County, I've noticed how our current political climate has instilled fear among the honest, hardworking immigrants I serve. It concerns me deeply. So, while I'm concerned about this bill for fiscal reasons, I'm especially concerned as a Christian. Four out of five of those vulnerable to detention with all this extra money are fellow Christians, as a report from the National Association of Evangelicals and the U.S. Conference of Catholic Bishops documents. Opinion: Wisconsin voters don't want to lose health coverage. Yet 96,000 will under Trump Some of them — such as Afghan Christians who have recently been threatened with deportation — would be returned to likely martyrdom. This has drawn the concern of leaders at conservative Christian organizations like Focus on the Family, the Family Research Council and the Wisconsin Family Council. I'm thankful for Johnson's independence in speaking out against the fiscal excesses of this bill, and I hope and pray he'll hold his ground. There are existing bipartisan frameworks for immigration reform, such as Republican Representative Maria Salazar's Dignity Act, which would present a much better option, ensuring secure borders without terrorizing law-abiding individuals and indebting out grandchildren. I pray that Congress will consider these potential solutions. Rev. Thomas Soerens served for three decades with the mission agency of the Christian Reformed Church in North America and now is retired in Oostburg. This article originally appeared on Milwaukee Journal Sentinel: Political climate instills fear in honest immigrants | Opinion
Bloomberg
2 days ago
- Business
- Bloomberg
Canada's Budget Watchdog Urges Carney to Show Numbers as Spending Rises
Canada's budget watchdog urged Prime Minister Mark Carney to release an update on the federal government's finances soon or risk eroding the government's credibility with investors. Carney is promising to spend billions on infrastructure, military equipment, housing and transportation — part of his ambitious agenda to boost the potential of the Canadian economy. Those plans, combined with slow economic growth, are causing economists to forecast a larger federal deficit this fiscal year.
Yahoo
19-06-2025
- Business
- Yahoo
Federal deficit estimated to hit $46 billion in 2024-25: PBO
The Parliamentary Budget Officer estimates the federal deficit will hit $46 billion in the 2024-2025 fiscal year because of better-than-expected revenues. The PBO expects the deficit to be $4.3 billion lower than its estimate in its election-costing report and $2.3 billion lower than what was estimated in the fall economic statement, according to its updated economic and fiscal monitor report released Thursday. 'The revision to our estimated deficit reflects a $5.2-billion increase in our estimate for revenues in 2024-25, somewhat offset by a $1-billion increase in our estimate for expenses,' the PBO said. The higher revenues are mainly due to higher corporate income tax revenues and customs import duties from the retaliatory tariffs on goods from the United States. The federal government currently has tariffs on nearly $60-billion worth of U.S. goods. In April, the Liberal Party estimated the federal government could receive up to $20 billion in revenue from the retaliatory tariffs, according to its election-costed platform. But a recent report by Oxford Economics Ltd. this month said 58 per cent of the U.S. imports hit by levies are eligible for exemption. The PBO also said the average Canadian family will save $280 on their taxes next year because of the federal government's planned income tax cut to 14.5 per cent from 15 per cent on the first $57,375 of taxable income. Canadian economic growth came in higher than expected during the first quarter at 2.2 per cent, but the PBO expects it to be flat in the second quarter due to a slowdown in exports and business investment. The federal government has not committed to providing a spring federal budget. Instead, Prime Minister Mark Carney said the government will provide an update of Canada's finances in the fall. He has also said he will split operational and capital spending into two separate budgets, with a promise to balance the operational budget within three years. The PBO said the government has committed to new fiscal anchors in the operating budget by 'cutting waste, capping the public service, ending duplication and deploying technology to improve public sector productivity' and reducing the spending growth to two per cent each year from nine per cent. The Liberal Party platform has promised $130 billion in net new spending over the next four years, which will put the deficit at $62.3 billion for the 2025-2026 fiscal year. Economists estimate the deficit will be higher after taking into account the announcement last week to increase defence spending. 'Unlike the previous fiscal anchor, the government has not defined how the new operating budget targets will be measured,' the PBO's report said. 'Specifically, there is no commonly accepted definition of what is defined as 'operating' or 'non-operating/capital' spending.' GST break could cost Ottawa $2.7 billion Feds face loss if Trans Mountain pipeline sold: PBO The PBO said it will be difficult for it to assess whether the government is on track in meeting its fiscal objectives under this new budget set-up. 'PBO also notes that the government could fulfill its operating budget goals, and yet at the same time the federal debt-to-GDP ratio could grow because of additional borrowing for non-operating spending (for example, new acquisitions of weapons systems for the Canadian military),' it said. 'This means that the government could achieve its fiscal objective and yet be fiscally unsustainable.' • Email: jgowling@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
17-06-2025
- Business
- Forbes
Trump's Tax Bill Could Raise Deficit By $2.8 Trillion, CBO Says
The Trump-backed budget and spending package making its way through Congress will increase the federal deficit by $2.8 trillion by 2034, the nonpartisan Congressional Budget Office said in a report released on Tuesday—about $400 billion higher than its previous estimate. The nonpartisan Congressional Budget Office predicted the megabill would spur economic growth, but ... More this would not be enough to offset the rising deficit. The 'Big Beautiful Bill,' a megabill extending tax cuts passed during President Donald Trump's first term and enacting some of his campaign promises, is under review in the Senate, where it faces opposition from Democrats and some Republicans. In a separate report issued last week, CBO estimated the bill would increase the deficit by $2.4 trillion in the next 10 years—and cuts proposed by House Republicans to programs like Medicaid and SNAP would not offset the revenue loss from tax cuts. The CBO estimates the bill would grow the economy, increasing real GDP growth by 0.5% on average over the next 10 years. However, the economic growth would be offset by a sharp rise in interest payments—costing the government an estimated $441 billion in interest payments over the next 10 years. The new report, issued Tuesday by the nonpartisan office alongside staff from the Joint Committee on Taxation, analyzes how the bill would impact 'key macroeconomic variables,' including GDP growth, inflation and interest rates. Republican leaders in Congress and the White House have argued that the extensions of the tax cuts passed during the first Trump administration would fuel economic growth, and income from tariffs would help cover the revenue loss. The White House previously lashed out at the CBO after its initial report on the bill, attacking an office traditionally seen as nonpartisan that provides budget analysis for lawmakers in both parties. Earlier this year, Trump asked Congress to pass a bill combining extensions on his 2017 tax cuts with a spending package, and get it ready for him to sign into law by July 4. The bill includes several key legislative priorities for Trump, including his promises to eliminate taxes on tips and overtime. The massive spending package immediately drew criticism from fiscal conservatives, including legislators like Rep. Thomas Massie, R-Ky., as well as billionaire Elon Musk, who called it 'a disgusting abomination' in a post on X. Musk's opposition to the bill drove a wedge between him and the president, coinciding with his departure from the Department of Government Efficiency. The House narrowly passed its version of the bill in May after a 215-214 vote. Senate Republicans unveiled their own version of the 'Big Beautiful Bill' Monday, which includes $800 billion in cuts to Medicaid to help offset the cost of the tax cuts. The CBO has not released an estimate on how this would impact the deficit, and Tuesday's report only analyzes the proposal passed by the House. $1,600. That's how much the CBO estimates the bill would cost the lowest income Americans per year, according to a separate report last week. These extra costs would rise due to cuts to safety net programs, including Medicaid and the Supplemental Nutrition and Assistance Program, or SNAP.
Wall Street Journal
15-06-2025
- Business
- Wall Street Journal
How the Federal Reserve Fuels Fiscal Profligacy
If Republicans are serious about reducing federal deficit spending, it is important to consider the effect the Federal Reserve has on the nation's budgetary outlook. If the numerical models imposed by the Congressional Budget Office drive fiscal policy, lawmakers also need to understand what they portend for monetary policy. The Fed once was committed to 'normalizing' its balance sheet—shrinking its footprint in credit markets by reducing the size of its portfolio of Treasury debt and mortgage-backed securities. Chairman Jerome Powell noted in a 2019 speech that large-scale asset purchases by the Fed over the previous 10 years had been viewed from the outset as 'extraordinary measures to be unwound, or 'normalized,' when conditions ultimately warranted.'
