What are rescissions? Q.What are rescissions? A.The rescission process allows a president to avoid spending money on discretionary programs that has been appropriated by the Congress, but not yet obligated for the purchases of goods and services. Read more about What are rescissions?
What is the Highway Trust Fund, and how is it financed? Q.What is the Highway Trust Fund, and how is it financed? A.The Highway Trust Fund finances most federal government spending for highways and mass transit. Revenues for the trust fund come from transportation-related excise taxes, primarily federal taxes on gasoline and diesel fuel. In recent years, however, the trust fund has needed significant transfers of general revenues to remain solvent. Read more about What is the Highway Trust Fund, and how is it financed?
How did the TCJA affect the federal budget outlook? Q.How did the TCJA affect the federal budget outlook? A.The Tax Cuts and Jobs Act cut taxes substantially from 2018 through 2025. The resulting deficits will add $1 to $2 trillion to the federal debt, according to official estimates. The debt increase will be larger if some of TCJA’s temporary tax cuts are extended. Read more about How did the TCJA affect the federal budget outlook?
