Papers
View our recurring reports, which summarize and analyze the most important regular federal budget releases and reports.
Debt Ceiling Q&A
The debt ceiling currently stands at $41.1 trillion, having been lifted to that level by the One Big Beautiful Bill Act (OBBBA) signed into law on...
The Case for a 3% of GDP Deficit Target
As the debt approaches record levels as a share of the economy, the United States government continues to run the highest peacetime deficits in the...
Reconciliation 101
What is Reconciliation? How do Reconciliation Instructions Work? Can a Reconciliation Bill Add to the Deficit? What is the “Byrd Rule”? What are Other...
Comments on Proposed Workforce Pell Grant Rule
On April 8, 2026 the Committee for a Responsible Federal Budget's Senior Policy Advisor for Higher Education Alexander Holt submitted comments on the...
Statement for the Record on Experience Matters: Seniors and the Workforce
The Committee for a Responsible Federal Budget submitted a statement for the record pertaining to the Senate Aging Committee hearing on "Experience...
Maya MacGuineas's House Budget Testimony on the 3% Fiscal Target
On March 26, 2026, Committee for a Responsible Federal Budget President Maya MacGuineas testified before the House Budget Committee on "The Best...
A Six Figure Limit for Social Security
Social Security is less than seven years from insolvency, at which point the law calls for a 24% across-the-board benefit cut. Yet despite facing...
Q&A: Gross Debt Versus Debt Held by the Public
On March 17, 2026, the gross national debt exceeded $39 trillion for the first time. This mark serves as an important reminder of the nation's...
Maya MacGuineas's Senate Testimony on the Fiscal Outlook 2027-2036
On March 11, 2026, Committee for a Responsible Federal Budget President Maya MacGuineas testified before the Fiscal Responsibility and Economic Growth...
Break Glass: A Plan for the Next Economic Shock
The U.S. has never experienced an economic shock as indebted as we are today. Recessions and other economic shocks are inevitable. Although the timing...
Chartbook: The February 2026 CBO Baseline: What It Says (and What It Means)
On February 18, 2026, Chris Towner, policy director of the Committee for a Responsible Federal Budget, gave a presentation on the February 2026...
CBO’s February 2026 Budget and Economic Outlook
The Congressional Budget Office (CBO) released its February 2026 Budget and Economic Outlook today, updating its January 2025 baseline to account for...