Debt & Deficits
Latest
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Maya MacGuineas on Bloomberg's "Balance of Power"
Committee president Maya MacGuineas recently joined Bloomberg's "Balance of Power" to discuss the latest Long-Term Budget Outlook from the...
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The Post-FRA Fiscal Outlook
The nation's fiscal outlook has improved slightly since the last Congressional Budget Office (CBO) baseline in May, thanks to the $1.5 trillion of ten...
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Gross National Debt Reaches $32 Trillion
The gross national debt of the United States surpassed $32 trillion yesterday. It was just over eight months ago when the federal government eclipsed...
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W&M Tax Bill Undermines FRA Savings
The American Families and Jobs Act (AFJA) that recently passed the House Ways and Means Committee would add $320 billion to the deficit over the next...
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Treasury Reports $1.2 Trillion Deficit For First 8 Months of Fiscal Year 2023
In the first eight months of Fiscal Year 2023, the United States borrowed $1.2 trillion, including $240 billion in May, according to the latest...
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How Much Would the Fiscal Responsibility Act Save?
The House-passed Fiscal Responsibility Act of 2023 (FRA) would suspend the debt limit and meaningfully reduce budget deficits – but by how much...
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It’s Time for a New Fiscal Commission
Yesterday, Speaker McCarthy suggested the idea of a bipartisan fiscal commission to explore long-term budgetary issues. The following is a statement...
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Debt Explodes Under Alternative Scenarios
The Congressional Budget Office's (CBO) new ten-year budget projections estimate that debt will reach a record 119 percent of Gross Domestic Product...
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Meeting Fiscal Goals Under CBO's May 2023 Baseline
We estimate that it would take $16.0 trillion of deficit reduction to balance the budget over a decade, $3.5 trillion to stabilize debt at 110 percent...
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CBO Releases May 2023 Baseline
The Congressional Budget Office (CBO) today released new ten-year budget projections, again confirming that the national debt is on an unsustainable...
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Treasury Confirms $925 Billion Deficit For First 7 Months of Fiscal Year 2023
In the first seven months of fiscal year 2023, the United States borrowed $925 billion, according to the latest Monthly Treasury Statement from the...
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Q&A: Everything You Should Know About the Debt Ceiling
The federal debt ceiling was raised in December of 2021 by $2.5 trillion to $31.381 trillion, which lasted until January 19, 2023, according to a...