Latest news with #MayaMacGuineas
Bloomberg
4 days ago
- Business
- Bloomberg
Bloomberg Surveillance: Tariffs and Debt
Watch Tom and Paul LIVE every day on YouTube: Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney June 2nd, 2025 Featuring: 1) Stephen Stanley, Chief Economist at Santander, joins for an extended conversation on the outlook for the US economy, lower consumer spending, and potential for a shallow recession in the US. Global stocks started the new month under pressure due to a flare-up in global trade tensions and geopolitical uncertainty. Gold is heading for its biggest gain in almost four weeks as geopolitical and trade tensions revived demand for haven assets. 2) Kathy Jones, Chief Investment Strategist, Fixed Income at Charles Schwab, discusses bond market warnings and why the Fed won't be coming to the rescue any time soon. The dollar fell 0.5%, extending a streak of five monthly losses, while Treasury yields rose across the curve, with the 10-year rate up four basis points to 4.44% in the early part of the morning as risk appetite dissipates. 3) Maya MacGuineas, President of the Committee for a Responsible Federal Budget, talks about the House bill "debt fiasco" and why markets haven't fully awaken to the debt and deficit problem in the US. It comes as Treasury Secretary Scott Bessent says the US "is never going to default" as the deadline for increasing the federal debt ceiling approaches. Bessent declines to specify an "X date" for when the Treasury will run out of cash, but says the goal is to bring the deficit down over the next four years. 4) Henrietta Treyz, co-founder at Veda Partners, talks about President Trump threatening an increase to steel and aluminum tariffs, how the tax bill could be transformed in the Senate, and other DC headlines. Uncertainty prompted by President Donald Trump's trade agenda picked up after China and the US accused each other of violating a trade deal concluded last month. Trump also said he would double tariffs on steel and aluminum imports. Meanwhile, Ukraine staged a dramatic series of strikes across Russia, deploying drones hidden in trucks deep inside the country to hit strategic airfields. 5) Lisa Mateo joins with the latest headlines in newspapers across the US, including an NYT story on Gen Z's interest in chain restaurants and a Business Insider story on AI already taking human jobs.
CNBC
29-05-2025
- Business
- CNBC
We should not be passing any legislation that adds to the debt at all: CRFB's Maya MacGuineas
Maya MacGuineas, Committee for a Responsible Federal Budget president, joins 'Squawk Box' to discuss the U.S. federal deficit, fate of the House budget reconciliation package, debt impact of the reconciliation bill, and more.
The Guardian
22-05-2025
- Business
- The Guardian
The new Trump-led tax bill promises an American ‘golden age' – that conveniently ends with his presidency
Congressional Republicans passed a massive spending bill on Thursday morning that, for some taxpayers, may deliver the 'golden age' Donald Trump has promised – but only while he is president. The One Big Beautiful Bill Act, which passed narrowly with 215-214 votes, is centered on permanently extending tax cuts enacted during Trump's first term, while also creating new deductions to make good on his campaign promise of providing relief to the working class and families. But there's a catch: those deductions would be available only through 2028, meaning that when Trump finishes his term in January 2029, his tax relief will have expired. And to sway fiscal hardliners, Republicans have filled the bill with cuts to social safety net programs that could drive millions of poor and disabled Americans off the benefits they depend on. 'This seems pretty overtly tied to the presidential election cycle. I am not aware that that's happened before,' said Maya MacGuineas, president of the Committee for a Responsible Federal Budget (CRFB), a nonpartisan watchdog group focused on government spending. The bill now moves on to the US Senate, where lawmakers are expected to make their own changes. Democrats have little influence over the measure, which is crafted under the budget reconciliation procedure that allows it to be passed with simple majorities in both chambers. As currently written, the bill is expected to add an outsize $3.4tn to the deficit through 2034, much of which is due to the permanent extension of tax cuts Trump signed in 2017. It would also allow taxpayers to write off overtime, tips and the interest paid on loans for cars assembled in the US, in line with Trump's campaign promises. Parents would see the child tax credit increase by $500, and be given the option of opening 'Trump accounts' to save money to help their children afford a home or schooling once they turn 18, into which the government would deposit $1,000. And while the legislation does not include Trump's promise to slash taxes on social security payments, it does offer a new $4,000 deduction for taxpayers aged 65 or older. But once the year 2028 ends, so too do these deductions, as well as the government's deposits into any Trump accounts and the increased child tax credit. By that time, poor Americans will have begun navigating funding cuts and new requirements imposed on two of the government's biggest anti-poverty programs. In 2027, new work requirements for some recipients of Medicaid, the healthcare program for poor and disabled Americans, would go into effect. The Urban Institute thinktank, based on an analysis of a similar policy, believes those would cost as many as 5.2 million people their health insurance coverage, largely because of enrollees not understanding the requirement or being unable to prove their compliance. People who depend on the Supplemental Nutrition Assistance Program (Snap), which helps pay for groceries and other essentials, would also face work requirements beginning in October 2027. The left-leaning Center on Budget and Policy Priorities estimates those would put about a quarter of Snap recipients, or nearly 11 million people, at risk of losing their benefits. 'To make the math work and to satisfy all camps, they have put together a kind of a structure in which Trump can be satisfied that he will see these provisions go into effect under his term, the deficit hawks and the spending hawks can be assured that, at least on paper, these cuts are coming, and then actually it will be somebody else's, some other Congress's actual job, to decide what happens to them after that,' said Alex Jacquez, a former economic policy adviser to Joe Biden who is now the chief of policy and advocacy at the Groundwork Collaborative think tank. Despite the new deductions, the nonpartisan Congressional Budget Office (CBO) estimated that the wealthy will benefit most from the bill. Taxpayers with the highest incomes will see their household resources increase by four percent in 2027 and two percent in 2033, largely due to the extended tax cuts. The poorest tax payers would see their resources drop by four percent in 2033, largely due to the downsized benefit programs, the CBO forecast. MacGuineas warned that the temporary deductions combined with the delayed start of the spending cuts will create a 'fiscal cliff' for a future Congress and president, who will face pressure to stop or further delay what could be a politically toxic combination of policies. 'You could have a big showdown in 2028, 2029 about what to extend, how to pay for it, if you do, whether you have to and whether to delay the offsets. And that could be, overall, a very ugly fiscal picture,' she said. Cancelling the spending cuts and keeping the new deductions in place would cost $4.8tn, the CRFB forecasts – more than the government spent responding to the Covid pandemic.
Bloomberg
16-05-2025
- Business
- Bloomberg
Trump Tax Cuts Fail in House Panel Amid GOP Division
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, reacts to news that republicans failed to pass Trump's tax cuts out of the House Budget Committee and breaks down what the policies could mean for the deficit if they do eventually pass. (Source: Bloomberg)
Bloomberg
16-05-2025
- Business
- Bloomberg
Bloomberg Surveillance TV: May 16, 2025
- Andrew Hollenhorst, Chief US Economist at Citi - Lisa Shalett, CIO: Wealth Management at Morgan Stanley - Rep. Mike Lawler, Republican House Representative from New York - Maya MacGuineas, President at Committee For A Responsible Federal Budget Andrew Hollenhorst, Chief US Economist at Citi, talks about his outlook for the US economy and labor market amid uncertain tariff policy and tax negotiations. Lisa Shalett, CIO: Wealth Management at Morgan Stanley, discusses asset allocation as the S&P 500 looks to close out one of its best weeks of 2025. Rep. Mike Lawler, Republican House Representative from New York, talks about tax bill negotiations in Congress. Maya MacGuineas, President at Committee For A Responsible Federal Budget, discusses the Federal deficit and how it could be affected by the GOP tax bill.
