Budget

In 2011, with the nation still climbing back from the Great Recession, Republicans threatened global markets by refusing to raise the federal debt limit unless President Barack Obama and the Democrats agreed to steep across-the-board spending cuts for years to come. Eight years later — and $7.7 trillion more in debt — President Trump and GOP lawmakers have agreed this week to lift the debt ceiling again without a fuss, and with hundreds of billions in new spending on top of it.

The White House clashed Wednesday with Democratic congressional leaders over the terms of a broad spending agreement to head off deep cuts across the government and a default on the federal debt, plunging the talks deeper into stalemate as a series of pivotal deadlines loom.

Capitol Hill lawmakers questioned Education Secretary Betsy DeVos over her department’s proposed budget cuts, including a call to slash all $18 million in federal funding for the Special Olympics.

CNBC's Ylan Mui reports on comments from the CBO director about the impact of tax reform and Federal Reserve rate hikes on the federal budget.