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Our fiscal imbalance crowds out priorities, threatens our economic health, increases the likelihood of a fiscal crisis in the future, and will inhibit our ability to deal with such a crisis if it comes.
The Federal Reserve owns nearly one-third of domestically held debt.
What makes up gross federal debt?
Lawmakers have enacted a total of 124 continuing resolutions over the past 24 fiscal years.
“With the nation still in the grips of a devastating public health and economic crisis, President Biden and the new Congress are right to explore additional relief and recovery legislation, but it’s also critical that we remain mindful of our long-term fiscal outlook, which has gotten far worse as our debt now exceeds the size of our economy,” said Michael A. Peterson, CEO of the Peterson Foundation.
Medicaid provides health insurance to low-income Americans. Children make up nearly half of the program’s enrollment, but most spending is directed towards the elderly and disabled.