David Wessel Explains the Fiscal Cliff (On a Cliff)

With debt nearing record levels, interest payments surging, and major trust funds approaching insolvency, Congress should avoid worsening our already unsustainable fiscal situation during the Congressional lame duck session. Instead, lawmakers should begin making progress on the debt either by enacting savings or implementing process reforms.

Some lawmakers are making the case that expiring tax cuts should be considered permanent in order to hide the $3.9 trillion increase in deficits that would result from extending the expiring portions...

The recent release of the final Monthly Treasury Statement from the Treasury Department shows that net interest costs totaled $882 billion in Fiscal Year (FY) 2024. The Monthly Treasury Statement...