Budget deficit

The economic rescue package just passed by Congress will push this year's budget deficit above $3 trillion. Such huge levels of deficit spending used to set off alarm bells in Washington, but no more.

William Hoagland, who for years helped shape GOP budget policy, says the public just doesn't see rising deficits as a major issue at a time when the economy is doing well.

Alaska Gov. Mike Dunleavy slashed $130 million, or 41%, from the budget of a university system that serves more than 26,000 students. Layoffs, elimination of programs and campus closures are likely.

President Trump's 2020 budget proposal, released on Monday, calls for $8.6 billion in new border wall funding, along with increased military spending and deep cuts to domestic programs.

"Read my lips" succeeded at countering Bush's image problem. But if it improved his chances of being elected in 1988, it may have ruined his chances of being re-elected in 1992.

As Republicans prepare to pass their massive tax overhaul, they are planning to lessen, or even eliminate, the estate tax. Critics say the tax plays an important role in making the economy fair.