https://www.taxtmi.com/news?id=40555 The federal budget deficit rose to $1.307 trillion in the first six months of fiscal year 2025, attributable to higher outlays-including Social Security cost of living increases, greater Medicare and Medicaid costs, increased FEMA disaster assistance, and Defense spending-and to increased borrowing. Administration proposals via the Department of Government Efficiency seek large federal workforce cuts and agency eliminations while a House budget blueprint advances broad tax cuts and program reductions. Treasury officials warned the government may approach the statutory debt ceiling in the early summer absent offsets. en-us Fri, 11 Apr 2025 03:16:03 +0530 Fri, 11 Apr 2025 03:16:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=40555 The federal budget deficit rose to $1.307 trillion in the first six months of fiscal year 2025, attributable to higher outlays-including Social Security cost of living increases, greater Medicare and Medicaid costs, increased FEMA disaster assistance, and Defense spending-and to increased borrowing. Administration proposals via the Department of Government Efficiency seek large federal workforce cuts and agency eliminations while a House budget blueprint advances broad tax cuts and program reductions. Treasury officials warned the government may approach the statutory debt ceiling in the early summer absent offsets. News - Fri, 11 Apr 2025 03:16:03 +0530 https://www.taxtmi.com/news?id=40555