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PGPF Solutions Initiative III plans from five think tanks show declining federal debt through 2039.
If taxes are not increased or spending is not cut, CBO projects that interest costs will climb and federal debt will grow to levels that will damage our economy.
"The rise in the cost of servicing the debt is the significant challenge . . . threatening to crowd out federal spending priorities," writes Dana M. Peterson and Lori Esposito Murray.
https://www.pgpf.org/expert-views/fiscal-commission/the-debt-crisis-is-here
The Peter G. Peterson Foundation analysis of Congressional Budget Office's February 2013 "Budget and Economic Outlook" report: CBO Report Finds Historically High Debt Persists Throughout the Decade.
https://www.pgpf.org/analysis/cbo-report-finds-historically-high-debt-persists-throughout-the-decade
Brian Riedl, a senior fellow at the Manhattan Institute, details the three key ingredients for negotiating a deficit-reducing budget deal.
Americans and the economy are vulnerable to a series of high-stakes fiscal deadlines, with an uncertain path forward.
https://www.pgpf.org/blog/2019/07/fast-approaching-fiscal-deadlines-pose-threat-to-american-economy
A divided government means there is both a requirement and a valuable opportunity for lawmakers to work together on fiscal solutions.
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for September 2023.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-september-2023
Outside of the recent recession caused by the financial crisis and its aftermath, the U.S. government has never witnessed deficits that exceeded $1 trillion.