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The Peter G. Peterson Foundation is a nonpartisan, nonprofit organization focused on building a brighter economic future for all Americans. Browse news from the Foundation, and read about our upcoming events.

Press Releases & Statements
New Plans from Seven Leading Think Tanks Solve the National Debt

“The Solutions Initiative 2024 shows that there is widespread agreement that America’s fiscal challenges are both unsustainable and solvable, and we have many good options to chart a brighter future for our country," said Michael A. Peterson.

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July 23, 2024
Blog Posts
Here’s What We Know about Foreign-Born Workers in the U.S.

Understanding the differences between foreign and native-born workers sheds light on important details of the U.S. economy.

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July 18, 2024
Explainers
What Are Excise Taxes and How Do They Affect the Federal Budget?

Here we take a closer look at excise taxes in the United States and examine how they fit into the federal budget.

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July 15, 2024
Blog Posts
The Nation’s Fiscal Outlook Just Got Worse — Here’s Why

The Congressional Budget Office (CBO) updated its budget and economic projections, which now show that federal deficits are projected to be $2.1 trillion higher over the next decade than the agency projected just a few months ago.

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July 1, 2024
Blog Posts
Any Way You Look at It, Interest Costs Will Soon Be at an All-Time High

The most recent projections from CBO confirm once again that America’s fiscal outlook is on an unsustainable path — increasingly driven by higher interest costs.

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July 1, 2024
Blog Posts
Presidential Debate Highlights Fiscal Election

One of the first questions at last night’s debate was about the national debt, and for good reason.

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June 28, 2024
Press Releases & Statements
As Presidential Debates Begin, Voters Want Leaders to Prioritize National Debt

“Voters are deeply concerned about the rising national debt, and tonight’s presidential debate is an important opportunity for the candidates to talk about their plans to stabilize our future," said Michael A. Peterson.

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June 27, 2024
Blog Posts
CBO’s New Report Shows Worsening Fiscal Outlook

The national debt is expected to exceed its record high in just 3 years.

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June 18, 2024
Blog Posts
How Much Would It Cost to Make the TCJA Permanent?

The CBO projects that extending the TCJA would increase deficits by $4.6 trillion over 10 years.

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June 18, 2024
Press Releases & Statements
Peterson Foundation Statement on New CBO Report

“CBO’s new report shows that the outlook for America’s critical national debt challenge is worsening," said Michael A. Peterson.

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June 18, 2024
Press Releases & Statements
Once Aware of Upcoming Automatic Cuts to Social Security, 97% Agree Lawmakers Should Act

“Voters understand that ‘not touching’ Social Security is not an option because automatic cuts are unacceptable and waiting only makes the problem more costly and difficult to solve,” said Michael A. Peterson.

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May 30, 2024
Blog Posts
These Tax Expenditures Cost Billions More than Anticipated — Here’s Why

Tax expenditures are costly for the federal government but they can be effective vehicles for lawmakers to achieve policy goals.

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May 23, 2024
Blog Posts
Higher Interest Rates Could Cause the National Debt to Skyrocket

Interest rates on U.S. Treasury securities have a significant influence on federal borrowing costs.

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May 23, 2024
Blog Posts
How Does the Aging of the Population Affect Our Fiscal Health?

As a large portion of the American population lives well beyond retirement age, the total cost of providing healthcare will grow as well.

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May 21, 2024
Blog Posts
Healthcare Costs Are a Major Driver of the National Debt and Here’s Why

One of the largest drivers of that rising debt is federal spending on major healthcare programs, such as Medicare and Medicaid.

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May 21, 2024
Blog Posts
The Lawmakers We Elect in November Will Face a Series of Important Fiscal Decisions

The lawmakers we choose this November will face critical fiscal and economic decisions in the near future.

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May 20, 2024
Explainers
Budget Basics: How Does Social Security Work?

Social Security is the largest single program in the federal budget and makes up approximately one quarter of total federal spending.

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May 20, 2024
Blog Posts
How Did the TCJA Affect Corporate Tax Revenues?

The 2017 Tax Cuts and Jobs Act made a number of changes to the corporate tax code, most prominently lowering the top corporate tax rate from 35 to 21 percent.

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May 13, 2024
Blog Posts
Despite Decades of Warnings, the Depletion of Social Security’s Trust Fund Has Been Getting Closer

The depletion dates for Social Security and Medicare’s Trust Funds are rapidly approaching.

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May 8, 2024
Analysis
Higher Interest Rates and the National Debt

Higher short- and long-term Treasury rates mean that the federal government's borrowing costs will also rise.

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May 8, 2024
Blog Posts
Medicare’s Hospital Insurance Trust Fund Could Be Exhausted in 12 Years

Without reform, Medicare spending will continue to rise over the coming years — threatening the HI Trust Fund and placing immense pressure on the federal budget.

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May 7, 2024
Blog Posts
Social Security Faces Serious Financial Shortfalls, and Other Takeaways from the Trustees Report

Without reform, the Social Security Trust Funds will soon be depleted and unable to pay full benefits.

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May 6, 2024
Blog Posts
Social Security and Medicare Trust Funds Could Soon Be Depleted

Today, the Social Security and Medicare Trustees released their annual reports on the programs’ financing, showing that the future of these vital programs remain at risk.

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May 6, 2024
Press Releases & Statements
Statement on 2024 Trustees Reports

“Today’s Trustees reports drive home the fact that the clock is ticking down on automatic cuts to Social Security and Medicare," said Michael A. Peterson.

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May 6, 2024
Explainers
Budget Basics: National Defense

The U.S. spent $820 billion on national defense during fiscal year (FY) 2023 according to the Office of Management and Budget, which amounted to 13 percent of federal spending.

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May 2, 2024
Blog Posts
How Much Does the Government Spend on International Affairs?

Federal spending for international affairs, which supports American diplomacy and development aid, is a small portion of the U.S. budget.

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April 26, 2024
Infographics
The Fiscal Election: What’s at Stake in This Election?

The lawmakers we choose this November will face critical fiscal and economic decisions in the next two, four, and six years.

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April 26, 2024
Press Releases & Statements
Election 2024: Voters want Candidates Ready to Act on Fiscal Issues

“Today’s new survey shows that fiscal concerns are top of mind in this election, and they want leaders who are committed to solutions,” said Michael A. Peterson.

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April 25, 2024
Blog Posts
The Federal Government’s Support for Low-Income Housing Expanded during the Pandemic

The federal government spent $90 billion on housing assistance in 2021, an increase of almost 70 percent from the preceding year.

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April 23, 2024
Blog Posts
Spending on Veterans in the Budget

This piece examines spending on veterans within the budget and outlines the factors that have pushed it higher in recent years.

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April 23, 2024
Blog Posts
President Biden’s Budget Calls for Raising $4.3 Trillion in Revenues Over Ten Years — Here’s How

The President's budget includes a number of tax proposals that would increase revenues and reduce spending by $4.3 trillion over the next 10 years.

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April 22, 2024
Blog Posts
The United States Spends More on Defense than the Next 9 Countries Combined

Defense spending by the United States accounted for nearly 40 percent of military expenditures by countries around the world in 2023.

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April 22, 2024
Explainers
The National Debt Can Crowd Out Investments in the Economy — Here’s How

The federal government is slated to borrow about $1.5 trillion this year, and that number is projected to nearly double over the next decade.

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April 12, 2024
Explainers
What Is the Child Tax Credit?

The child tax credit (CTC) is a measure administered though the tax code that is designed to make raising children more affordable by easing the financial burden faced by families.

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April 12, 2024
Blog Posts
How Much Funding do State and Local Governments Receive from the Federal Government?

Over the last four decades, federal grants to state and local governments have made up about 17 percent of their total revenues.

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April 11, 2024
Blog Posts
How Much Is the National Debt? What are the Different Measures Used?

There are three widely used measures of federal debt. What are the important differences between these measurements?

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April 9, 2024
Explainers
What Are Interest Costs on the National Debt?

Interest costs are on track to become the largest category of spending in the federal budget.

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April 4, 2024
Blog Posts
7 Key Facts About U.S. Healthcare Spending

Healthcare spending in the United States is a key driver of the nation’s fiscal imbalance and has risen notably over the past few decades.

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March 29, 2024
Press Releases & Statements
With Interest Growing Rapidly, US Fiscal Confidence Falls Again

“The national debt is already $34 trillion, but as it grows over the next three decades, we’ll spend more than double that on interest alone,” said Michael A. Peterson.

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March 28, 2024
Blog Posts
How Does Government Healthcare Spending Differ From Private Insurance?

Healthcare spending is a critically important part of the American economy and the federal budget.

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March 25, 2024
Blog Posts
National Debt Could More than Double the Size of the Economy

GAO projects debt held by the public would more than double over the next 30 years.

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March 21, 2024
Explainers
10 Largest Budget Functions

Here are the top ten spending categories for the federal budget.

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March 21, 2024
Press Releases & Statements
Peterson Foundation Statement on CBO Long-Term Budget Outlook

“As Washington navigates short-term budget battles, our long-term fiscal outlook keeps getting more and more dangerous," said Michael A. Peterson.

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March 20, 2024
Blog Posts
The National Debt is Rising Unsustainably

Here are six key takeaways from CBO’s latest Long-Term Budget Outlook projections.

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March 20, 2024
Explainers
Budget Basics: What Is Sequestration?

Sequestration is a budget procedure used by lawmakers to cancel or limit funding in order to meet budget goals.

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March 14, 2024
Press Releases & Statements
Up to Us: 12th Annual Competition Winners

Up to Us is a nationwide college campus competition for students to build a movement to raise awareness and engagement on America’s long-term fiscal and economic challenges.

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March 13, 2024
Blog Posts
“Even Under Optimistic Economic Scenarios, Debt Will Soon Reach Levels Well Above Historical Experience," Economist Warns

Karen Dynan explores the implications of the federal debt burden and the degree of change required to stabilize the national debt.

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March 13, 2024
Blog Posts
President’s Budget Would Reduce Deficits by Raising Taxes on the Wealthy and Corporations

While this budget would be a step in the right direction, it does not adequately address the underlying structural imbalance that defines our fiscal outlook.

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March 11, 2024
Press Releases & Statements
Peterson Foundation Statement on President’s Budget

“We need our leaders to rise to the urgency of the moment, but legislative gridlock continues to prevent progress on even the basics of budgeting," said Michael A. Peterson.

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March 11, 2024
Blog Posts
6 Key Charts on Tax Breaks

The United States lost an estimated $1.8 trillion in revenues through tax expenditures in 2023.

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March 7, 2024
Blog Posts
Delaying Fiscal Reform is Costly, Annual Treasury Report Warns

The Treasury projects that debt as a percentage of GDP will grow to more than five times the size of the U.S. economy in the next 75 years.

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March 7, 2024
Blog Posts
The Next Fiscal Cliff: Big Tax Decisions to Make in 2025

In 2017, Congress and the President enacted the Tax Cuts and Jobs Act (TCJA), which made significant changes to the tax code for individuals and corporations.

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March 4, 2024
Blog Posts
What is a Continuing Resolution?

A continuing resolution is a temporary funding measure that Congress can use to fund the federal government for a limited amount of time.

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March 1, 2024
Infographics
Infographic: U.S. Healthcare Spending

Improving our healthcare system to deliver better quality care at lower cost is critically important to our nation’s long-term economic and fiscal well-being.

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March 1, 2024
Blog Posts
Continuing Resolutions Are Stopgap Measures — But Now We Average Five a Year

One of the most fundamental responsibilities of the federal government is to set and pass a budget every year, allocating funding towards the nation’s needs and priorities.

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March 1, 2024
Press Releases & Statements
U.S. Fiscal Confidence Dips as Lawmakers Face Shutdown Deadlines, and Interest Costs Surge

“Earlier this month, the Congressional Budget Office released new data showing that interest costs in 2024 will total a staggering $870 billion, a jump of 32 percent and more than $2 billion per day,” said Michael A. Peterson.

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February 29, 2024
Blog Posts
Lessons Learned: Setting a Bipartisan Fiscal Commission Up for Success

A group of respected policy experts share their views on how a bipartisan fiscal commission could help break the cycle of governing by crisis.

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February 27, 2024
Explainers
The Highway Trust Fund Explained

Although the need for serious, long-term changes to the funding structure of the Highway Trust Fund is clear, there is disagreement over the approach to do so.

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February 22, 2024
Explainers
What Is the Earned Income Tax Credit?

The earned income tax credit (EITC) is a measure administered through the tax code to address poverty.

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February 21, 2024
Blog Posts
Debt vs. Deficits: What's the Difference?

The words debt and deficit come up frequently in debates about the policy decisions that lawmakers face. The two concepts are similar, but are often confused.

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February 15, 2024
Blog Posts
What is the Primary Deficit?

The primary deficit focuses on the difference between government revenues and spending, excluding interest payments. Learn more about the U.S. primary deficit.

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February 14, 2024
Analysis
Top 10 Reasons Why the National Debt Matters

At $34 trillion and rising, the national debt threatens America’s economic future. Here are the top ten reasons why the national debt matters.

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February 12, 2024
Blog Posts
What Is the National Debt Costing Us?

Programs that millions of Americans depend on and care about may be feeling a squeeze from interest costs on our high and rising national debt.

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February 9, 2024
Press Releases & Statements
Peterson Foundation Statement on New CBO Report

"Today’s CBO projections are the latest loud and clear warning about America’s unsustainable national debt," said Michael A. Peterson.

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February 7, 2024
Blog Posts
Fed Chair Powell: It’s Past Time to Address our National Debt

Federal Reserve Chair Jerome Powell, speaking in an interview, said that now is the time to start addressing our $34 trillion and rising national debt.

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February 5, 2024
Explainers
How Do States Pay for Medicaid?

Medicaid’s role in state budgets is unique, since the program acts as both an expenditure and the largest source of federal support in state budgets.

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February 5, 2024
Blog Posts
92% of Voters More Likely to Support Candidates Backing a Fiscal Commission

Significant majorities of voters across party lines agree that a commission would strengthen Social Security, lower borrowing costs, and improve our economic outlook.

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January 25, 2024
Blog Posts
Investing in Kids Promotes Healthy Children, More Productive Adults, and a Stronger Fiscal Foundation

Federal programs that invest in children are not only critical to the health and well-being of the youngest Americans, but they can also provide long-term benefits to the nation’s economy.

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January 25, 2024
Press Releases & Statements
As Fiscal Confidence Index Remains Low, New Polling Shows Overwhelming Bipartisan Support for Fiscal Commission

“As the 2024 campaign heats up, voters are calling on candidates to show leadership by backing a fiscal commission to address our unsustainable national debt,” said Michael A. Peterson.

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January 25, 2024
Blog Posts
How Would the Tax Relief for American Families and Workers Act Change Federal Tax Law?

The Tax Relief for American Families and Workers Act is estimated to cost about $400 million over 10 years.

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January 24, 2024
Press Releases & Statements
Peterson Foundation Statement on Fiscal Commission Bill Passing House Budget Committee

"Committee passage of the Fiscal Commission Act is an important step toward a comprehensive approach to stabilizing our rapidly growing national debt," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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January 18, 2024
Blog Posts
What Is the SALT Cap?

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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January 12, 2024
Blog Posts
Growing Momentum for a Fiscal Commission in Congress

A fiscal commission would provide the space and structure for lawmakers to comprehensively review the entire budget and improve the fiscal path of the U.S.

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January 9, 2024
Blog Posts
5 Facts About Rising Income Inequality in the United States

Average income among households in the lowest fifth of the income distribution was $21,900, while income for households in the highest fifth averaged $357,800.

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January 5, 2024
Press Releases & Statements
As New Year Begins, 8 in 10 Voters Call on Washington to Prioritize Reducing National Debt

“Sadly, we rung in the new year reaching a new record milestone of $34 trillion in national debt,” said Michael A. Peterson.

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January 5, 2024
Explainers
Budget Basics: Tax Expenditures

Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.

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January 4, 2024
Blog Posts
Moody’s Lowers U.S. Credit Rating to Negative, Citing Large Federal Deficits

On November 10, 2023, Moody’s Investors Service lowered its outlook on the United States’ credit rating from “stable” to “negative.”

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January 3, 2024
Blog Posts
Why Are Americans Paying More for Healthcare?

High healthcare spending is not necessarily a bad thing, especially if it leads to better health outcomes. However, that is not the case in the United States.

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January 3, 2024
Infographics
The National Debt Is Now More than $34 Trillion. What Does That Mean?

Although the debt affects each of us, it may be difficult to put such a large number into perspective and fully understand its implications.

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January 2, 2024
Press Releases & Statements
Peterson Foundation Statement on National Debt Surpassing $34 Trillion

"We are beginning a new year, but our national debt remains on the same damaging and unsustainable path," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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January 2, 2024
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Solutions Initiative 2024

Seven think tanks from across the ideological spectrum all agree that we are on an unsustainable fiscal path, and we need to change course.

National Debt Clock

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