Maya MacGuineas: Is cutting the deficit by $3 trillion enough? Not even close

Maya MacGuineas is president of the Committee for a Responsible Federal Budget and head of the Campaign to Fix the Debt. She recently wrote an opinion piece for CNN, an excerpt of which is below.

This is a particularly important year for budgeting given three things: the need to lift the debt ceiling, the nation’s dangerous fiscal trajectory and persistent inflation. Fiscal savings will be integral in addressing all three of these challenges — both in the short run to ease inflation and facilitate a debt ceiling deal, and in the longer run to combat an out-of-control debt trajectory.

The good news is that President Joe Biden’s budget — the official kickoff to the budgeting process — includes about $3 trillion in deficit reduction. But his budget is a day late and a dollar short — or more precisely, it’s a month late and at least a few trillion short.

Read the entire piece here.

Published works by members or staff of the Committee for a Responsible Federal Budget do not necessarily reflect the views of all members or staff of the Committee.