The 10 Biggest Things Your Income Taxes Pay For
Now that tax season is over, it's natural to wonder exactly where the hard-earned dollars you paid in income tax over the past year actually went.
government spending
White House Shows Taxpayers Where Their Money Went - Sort Of
On Monday, the White House rolled out "Your 2012 Federal Taxpayer Receipt," an online tool that purports to detail how your personal taxes are spent. But it's not that simple.
Virginia County Tells Residents: Balance Our Budget Yourselves
Everyone grumbles about their elected officials, and how they could write a better budget in their sleep. Fairfax County, Virgina, is letting its residents give it a shot.
Congress Moves to Finally Approve 2013 Budget
Congress is finally cleaning up its unfinished budget business for the long-underway 2013 budget year with a bipartisan funding bill -- but stark differences remain.
$1 Billion Military Jobless Program Unfazed by Budget Cuts
Even as it faces budget cuts and forced employee furloughs, the Pentagon spends nearly a $1 billion a year on jobless benefits for veterans who left the military voluntarily.
Budget Deficit Up Sharply But Lower Than Last Year's Pace
The federal deficit likely grew sharply in February from January but stayed below last year's pace through the first five months of the budget year.
Could Slowing Health Care Costs Save Medicare?
The rise in health care costs has significantly outpaced both inflation and economic growth for decades, leading to increasingly dire projections about Medicare's long-term solvency in recent years. Yet some promising trends suggest the government program may get a new lease on life.
Government Downsizes Amid GOP Demands for More Cuts
Republicans and other fiscal conservatives keep insisting on more federal austerity and a smaller government. Without much fanfare or acknowledgement, they've already gotten much of both. Another round of huge cuts, known as the "sequester," will hit beginning March 1.
Sequestration Nation: What March 1 Really Means for the Economy
With less than two weeks to go until the March 1 deadline for automatic budget cuts, the administration is issuing dire warnings about how crucial government services are about to wither. Many of the warnings may come true.
Debt Crisis Looms as Congress Digs in Its Heels
Legislators show no signs they're heading toward compromise in resolving the nation's next financial crisis, with Democrats talking about further taxes hikes on the rich, and Republicans saying a crippling default on U.S. debt is possible unless they get significant cuts in government spending.
5 Ways the Election Results May Affect Your Retirement
Whether Barack Obama or Mitt Romney wins this election, it's going to impact a host of things beyond those the political ads have been focusing on -- among them, your retirement. Here are the five biggest the next president could make your golden years more -- or less -- secure.
Pop Quiz: What's the Weirdest Stuff Your Tax Dollars Get Spent On?
Each year, Sen. Tom Coburn (R-Okla) puts out his Waste Book, pointing out federally funded programs he considers especially absurd. They're the funniest -- and strangest -- things paid for with taxpayer dollars. Think you'll recognize the real weirdness? Take our quiz to find out.
Federal Deficit Tops $1 Trillion for Fourth Straight Year
The federal budget deficit has topped $1 trillion for a fourth straight year. But a modest improvement in economic growth helped narrow the gap by $207 billion compared with last year.
U.S. Economic Recovery Is Weakest Since World War II
Since World War II, 10 U.S. recessions have been followed by a recovery that lasted at least three years. An Associated Press analysis shows that by just about any measure, the one that began in June 2009 is the weakest.
White House Announces Plan to Ease Student Loans
Noting that it took President Obama 10 years to pay back his student loans, White House officials today announced a new presidential initiative aimed at helping others pay back the cost of their higher educations. Student loans have overtaken credit cards as the nation's largest source of debt.