The Congressional Budget Office says it projects this year’s federal budget deficit to be $400 billion higher, a 27% increase compared to its original estimate released in February.

A promising start has given way to challenging political realities for supporters of a bipartisan commission to tackle the federal government’s growing debt challenges.

A bill to create a bipartisan commission that would tackle the nation’s soaring debt and make policy recommendations to Congress has won approval from a House committee.

House Republicans have narrowly passed a sweeping debt ceiling package as they try to push President Biden into negotiations on federal spending.

House Republicans are pushing their debt ceiling package toward a vote.