Study Suggests Need for Higher IRS Budget

A new study in the American Accounting Association journal suggests that IRS collections from audits of corporate tax returns have been severely hampered by congressional budget constraints on the agency. The IRS has long pleaded with Congress for additional funding to aid enforcement and collection efforts but has dealt with budget cuts for many years… Read more »

Senate Advances 2-Year Budget Deal

The Senate approved a two-year budget deal this afternoon, lifting the debt ceiling for two years and reducing the risk of another government shutdown. The bill already passed the House last week, so today’s 67-28 vote in the Senate will send the measure to President Trump, who is expected to sign it despite complaints from… Read more »

Trump Signals Support for Budget Deal

President Trump signaled earlier in the week that he will support a two-year bipartisan budget deal that raises spending limits by $320 billion and suspends the debt ceiling until after the 2020 elections. The deal was reached as the House prepares to leave Washington for the August recess, giving Speaker Nancy Pelosi (D-CA) only this… Read more »

White House, Pelosi Close on Budget Deal

The Trump administration and House leaders are reportedly close to agreement on a two-year budget deal that also raises the debt ceiling. Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi (D-CA) separately confirmed that they’ve agreed on the top-line spending levels for defense and domestic programs. With government funding running out at the end… Read more »