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The federal debt as a share of the U.S. economy is poised to hit a record by 2029 and will continue to rise over the next three decades, the nonpartisan Congressional Budget Office said on Wednesday in a report that laid out the nation’s long-term fiscal challenges.
At the World Bank’s annual meetings last year in Morocco, the organization’s new president, Ajay Banga, outlined a sweeping vision for how he wanted to rid the world of poverty while keeping the planet habitable.
President Biden in his budget this week staked out major economic battle lines with former President Donald J. Trump, the presumptive Republican presidential nominee. The proposal offers the nation a glimpse of the diverging directions that retirement programs, taxes, trade and energy policy could take depending on the outcome of the November election.
The budget that President Biden released on Monday projects to cut deficits by $3 trillion over a decade, and it does so with an approach that has become familiar: tax increases for companies and the wealthy.
President Biden used his State of the Union speech on Thursday to remind Americans of his efforts to steer the nation’s economy out of a pandemic recession, and to lay the groundwork for a second term focused on making the economy more equitable by raising taxes on companies and the wealthy while taking steps to reduce costs for the middle class.
Divisions among the world’s top economic officials over how to use Russia’s central bank assets to support Ukraine spilled into public view on Wednesday when Bruno LeMaire, France’s finance minister, said that seizing the frozen assets would be a violation of international law.
Treasury Secretary Janet L. Yellen said on Tuesday that she had personally urged Prime Minister Benjamin Netanyahu of Israel to increase commercial engagement with the West Bank, contending that doing so was important for the economic welfare of both Israelis and Palestinians.
The United States on Friday unleashed its most extensive package of sanctions on Russia since the invasion of Ukraine two years ago, targeting Russia’s financial sector and military-industrial complex in a broad effort to degrade the Kremlin’s war machine.