FISCAL BLOG

While the United States does not currently have a nationwide free college program, a number of such initiatives have been proposed in the past few years.

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Even if Congress raises the debt limit and avoids default, last-minute brinksmanship alone has the potential to create economic damage.

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There were 850,000 jobs added in June, higher than expected by economists. However, the unemployment rate remains high, especially for non-white workers. Get the facts here.

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President Biden’s budget for fiscal year 2022 outlines new details of the American Families Plan (AFP), a $1.7 trillion package including major new investments in education, childcare, healthcare, and family leave.

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The coronavirus (COVID-19) pandemic has caused federal spending on Medicaid to rise sharply as millions of Americans seek benefits under the program.

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The deduction of state and local tax payments (known as SALT) from federal income taxes has been a subject of debate among economists and policymakers over the past few years — with significant implications for our budget and fiscal outlook.

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While deficits will decline over the next few years as the pandemic wanes and the economy recovers, the nation will remain on an unsustainable fiscal trajectory due to a structural mismatch between spending and revenues.

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President Biden’s recently released budget for fiscal year 2022 shows new details for his proposed American Jobs Plan — a nearly $2.6 trillion package aimed at addressing a range of issues, including transportation and other infrastructure, climate change, caregiving, and housing.

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As the Biden administration and a bipartisan group lawmakers discuss a range of infrastructure investments, vast majorities of voters — including Democrats and Republicans — are calling on leaders to pay for their priorities.

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The step-up in basis is a provision in tax law that relates to how assets — such as stocks, bonds, or real estate — are valued and taxed after their owner passes away.

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What Does the Debt Mean for Our Future?

We all have a responsibility to build a brighter fiscal and economic future for the next generation.

National Debt Clock

See the latest numbers and learn more about the causes of our high and rising debt.