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Fiscal Responsibility Act Of 2023
On January 19, 2023, the United States hit its debt ceiling, leading to a debt-ceiling crisis, part of an ongoing political debate within Congress about federal government spending and the national debt that the U.S. government accrues. In response, Janet Yellen, the Secretary of the Treasury, began enacting temporary "extraordinary measures". On May 1, 2023, Yellen warned these measures could be exhausted as early as June 1, 2023; this date was later pushed to June 5. The debt ceiling had been increased multiple times since the 2013 debt ceiling standoff, all without budgetary preconditions attached; the most recent increase was in December 2021. In the 2023 impasse, Republicans proposed cutting spending back to 2022 levels as a precondition to raising the debt ceiling, while Democrats insisted on a "clean bill" without preconditions, as had been the case in raising the ceiling three times during the Donald Trump administration. In the event the government runs out of fund ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Debt Ceiling
The United States debt ceiling or debt limit is a legislative limit on the amount of national debt that can be incurred by the U.S. Treasury, thus limiting how much money the federal government may pay on the debt they already borrowed. The debt ceiling is an aggregate figure that applies to the gross debt, which includes debt in the hands of the public and in intra-government accounts. About 0.5% of debt is not covered by the ceiling. As of July 2019, it appeared that the government would default on its obligations within a couple months. The budget problem was caused in part by lower tax revenue (due to new tax legislation that took effect in the 2018 tax year under which many companies had their taxes drastically reduced) and in part by the government having already reached its borrowing limit ($22 trillion as of March 2019). Relationship to federal budget The process of setting the debt ceiling is separate and distinct from the United States budget process, and raisin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Associated Press
The Associated Press (AP) is an American non-profit news agency headquartered in New York City. Founded in 1846, it operates as a cooperative, unincorporated association. It produces news reports that are distributed to its members, U.S. newspapers and broadcasters. The AP has earned 56 Pulitzer Prizes, including 34 for photography, since the award was established in 1917. It is also known for publishing the widely used '' AP Stylebook''. By 2016, news collected by the AP was published and republished by more than 1,300 newspapers and broadcasters, English, Spanish, and Arabic. The AP operates 248 news bureaus in 99 countries. It also operates the AP Radio Network, which provides newscasts twice hourly for broadcast and satellite radio and television stations. Many newspapers and broadcasters outside the United States are AP subscribers, paying a fee to use AP material without being contributing members of the cooperative. As part of their cooperative agreement with the AP, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Dollar
The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color. The monetary policy of the United States is conducted by the Federal Reserve System, which acts as the nation's central bank. The U.S. dollar was originally defined under a bimetallic standard of (0.7735 troy ounces) fine silver or, from 1837, fine gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
COVID-19 Pandemic In The United States
The COVID-19 pandemic in the United States is a part of the worldwide pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). In the United States, it has resulted in confirmed cases with all-time deaths, the most of any country, and the twentieth-highest per capita worldwide. The COVID-19 pandemic ranks first on the list of disasters in the United States by death toll; it was the third-leading cause of death in the U.S. in 2020, behind heart disease and cancer. From 2019 to 2020, U.S. life expectancy dropped by 3years for Hispanic and Latino Americans, 2.9years for African Americans, and 1.2years for white Americans. These effects persisted as U.S. deaths due to COVID-19 in 2021 exceeded those in 2020, and life expectancy continued to fall from 2020 to 2021. On December 31, 2019, China announced the discovery of a cluster of pneumonia cases in Wuhan. The first American case was reported on January 20, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Recession In The United States
The Great Recession in the United States was a severe financial crisis combined with a deep recession. While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of employment and output. This slow recovery was due in part to households and financial institutions paying off debts accumulated in the years preceding the crisis along with restrained government spending following initial stimulus efforts. It followed the bursting of the housing bubble, the housing market correction and subprime mortgage crisis. According to the Department of Labor, roughly 8.7 million jobs (about 7%) were shed from February 2008 to February 2010, and real GDP contracted by 4.2% between Q4 2007 and Q2 2009, making the Great Recession the worst economic downturn since the Great Depression. The GDP bottom, or trough, was reached in the second quarter of 2009 (marking the technical end of the recession that is defined by a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Medicare Part D
Medicare Part D, also called the Medicare prescription drug benefit, is an optional United States federal-government program to help Medicare beneficiaries pay for self-administered prescription drugs. Part D was enacted as part of the Medicare Modernization Act of 2003 and went into effect on January 1, 2006. Under the program, drug benefits are provided by private insurance plans that receive premiums from both enrollees and the government. Part D plans typically pay most of the cost for prescriptions filled by their enrollees. However, plans are later reimbursed for much of this cost through rebates paid by manufacturers and pharmacies. Part D enrollees cover a portion of their own drug expenses by paying cost-sharing. The amount of cost-sharing an enrollee pays depends on the retail cost of the filled drug, the rules of their plan, and whether they are eligible for additional Federal income-based subsidies. Prior to 2010, enrollees were required to pay 100% of their reta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
War In Afghanistan (2001–2021)
The War in Afghanistan was an armed conflict that began when an international military coalition led by the United States launched an invasion of Afghanistan, toppling the Taliban-ruled Islamic Emirate and establishing the internationally recognized Islamic Republic three years later. The conflict ultimately ended with the 2021 Taliban offensive, which overthrew the Islamic Republic, and re-established the Islamic Emirate. It was the longest war in the military history of the United States, surpassing the length of the Vietnam War (1955–1975) by approximately six months. Following the September 11 attacks, U.S. President George W. Bush demanded that the Taliban immediately extradite al-Qaeda leader Osama bin Laden to the United States; the Taliban refused and the U.S. declared Operation Enduring Freedom, as part of the earlier-declared War on Terror. Afghanistan was invaded and the Taliban and its allies were soon expelled from major population centers by the U.S.-led f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Iraq War
{{Infobox military conflict , conflict = Iraq War {{Nobold, {{lang, ar, حرب العراق (Arabic) {{Nobold, {{lang, ku, شەڕی عێراق ( Kurdish) , partof = the Iraq conflict and the War on terror , image = Iraq War montage.png , image_size = 300px , caption = Clockwise from top: US troops at Uday and Qusay Hussein's hideout; insurgents in northern Iraq; the toppling of the Saddam Hussein statue in Firdos Square , date = {{ubl, {{Start and end dates, 2003, 3, 20, 2011, 12, 18, df=yes({{Age in years, months and days, 2003, 03, 19, 2011, 12, 18) , place = Iraq , result = * Invasion and occupation of Iraq * Overthrow of Ba'ath Party government * Execution of Saddam Hussein in 2006 * Recognition of the Kurdistan Autonomous Region * Emergence of significant insurgency, rise and fall of al-Qaeda in Iraq * January 2005 Iraqi parliamentary election and formation of Shia-led gov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Cuts And Jobs Act Of 2017
The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, , is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), that amended the Internal Revenue Code of 1986. Major elements of the changes include reducing tax rates for businesses and individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions and making it less beneficial to itemize deductions, limiting deductions for state and local income taxes and property taxes, further limiting the mortgage interest deduction, reducing the alternative minimum tax for individuals and eliminating it for corporations, doubling the estate tax exemption, and cancelling the penalty enforcing individual mandate of the Affordable Care Act (ACA). The Act is based on tax reform advocated by congressional Republicans and the Trump administration. The nonpartisan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bush Tax Cuts
The phrase Bush tax cuts refers to changes to the United States tax code passed originally during the presidency of George W. Bush and extended during the presidency of Barack Obama, through: * Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) * Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) * Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 * American Taxpayer Relief Act of 2012 (partial extension) While each act has its own legislative history and effect on the tax code, the JGTRRA amplified and accelerated aspects of the EGTRRA. Since 2003, the two acts have often been spoken of together, especially in terms of analyzing their effect on the U.S. economy and population and in discussing their political ramifications. Both laws were passed using controversial Congressional reconciliation (United States Congress), reconciliation procedures. The Bush tax cuts had sunset provisions that made them expire at the end o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Constitution Of The United States
The Constitution of the United States is the supreme law of the United States of America. It superseded the Articles of Confederation, the nation's first constitution, in 1789. Originally comprising seven articles, it delineates the national frame of government. Its first three articles embody the doctrine of the separation of powers, whereby the federal government is divided into three branches: the legislative, consisting of the bicameral Congress ( Article I); the executive, consisting of the president and subordinate officers ( Article II); and the judicial, consisting of the Supreme Court and other federal courts ( Article III). Article IV, Article V, and Article VI embody concepts of federalism, describing the rights and responsibilities of state governments, the states in relationship to the federal government, and the shared process of constitutional amendment. Article VII establishes the procedure subsequently used by the 13 states to ratify it. It is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Article One Of The United States Constitution
Article One of the United States Constitution establishes the legislative branch of the federal government, the United States Congress. Under Article One, Congress is a bicameral legislature consisting of the House of Representatives and the Senate. Article One grants Congress various enumerated powers and the ability to pass laws " necessary and proper" to carry out those powers. Article One also establishes the procedures for passing a bill and places various limits on the powers of Congress and the states from abusing their powers. Article One Vesting Clause grants all federal legislative power to Congress and establishes that Congress consists of the House of Representatives and the Senate. In combination with the Vesting Clauses of Article Two and Article Three, the Vesting Clause of Article One establishes the separation of powers among the three branches of the federal government. Section 2 of Article One addresses the House of Representatives, establishing that m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
