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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.

Blog Posts
How is the Debt Limit Deal Affecting a Potential Government Shutdown?

With the beginning of fiscal year 2024 approaching very soon, lawmakers will need to find a solution to continue funding government activities.

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September 22, 2023
Blog Posts
How Do the House and Senate Appropriation Bills Differ?

The 12 annual appropriation bills are a key part of the annual budget process that lawmakers must enact to keep the government functioning regularly.

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September 20, 2023
Press Releases & Statements
Peterson Foundation Statement on House Budget Resolution and Bipartisan Debt Commission

"It’s important that Congress get back to an effective and transparent budgeting process," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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September 19, 2023
Analysis
Top 10 Reasons Why the National Debt Matters

At $33 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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September 18, 2023
Infographics
The National Debt Is Now More than $33 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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September 18, 2023
Press Releases & Statements
Peterson Foundation Statement on National Debt Reaching $33 Trillion

"As lawmakers drift from one short-term fiscal crisis to the next, our national debt just keeps piling up, trillion after trillion," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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September 18, 2023
Infographics
Voters Don't Want a Shutdown, They Want Action on the National Debt Instead

A new poll shows that nine-in-ten Americans want policymakers to work together to avoid a shutdown and focus on implementing solutions to our growing national debt.

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September 1, 2023
Press Releases & Statements
New Poll: Vast Majority of US Voters want Lawmakers to Avoid Government Shutdown

“Nobody wins in a government shutdown, especially our economy and the American people,” said Michael A. Peterson.

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August 31, 2023
Blog Posts
Why is the U.S. Fiscal Outlook More Daunting Now than After World War II?

In around six years, the national debt will likely exceed its all-time high of 106 percent of gross domestic product (GDP), which occurred in 1946.

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August 29, 2023
Blog Posts
Four Reasons Why a Government Shutdown is Harmful

It may be counterintuitive, but government shutdowns are expensive. They are also bad for the economy.

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August 25, 2023
Explainers
How Is K-12 Education Funded?

Public schools for students in kindergarten through 12th grade are financed through a combination of local, state, and federal dollars in proportions that vary across and within states.

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August 25, 2023
Explainers
Budget Basics: Medicaid

This budget explainer describes what Medicaid is, how it is financed, and who benefits from it.

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August 21, 2023
Blog Posts
Recent Economic Projections Show Higher Short-term Interest Rates

CBO now expects that 3-month interest rates will peak at around 5.3 percent this year and only fall to 3.2 percent by the end of 2025.

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August 17, 2023
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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August 17, 2023
Blog Posts
How Does Inflation Affect the Federal Budget?

Rising inflation usually prompts higher interest rates, which in turn boost interest paid on the federal debt and thereby increase annual deficits.

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August 14, 2023
Blog Posts
Three Key Things to Know about CHIP

The Children's Health Insurance Program is a key piece of the social safety net and is aiding in the economic recovery.

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August 8, 2023
Blog Posts
What the Fitch Downgrade Says about our Fiscal Challenges

Fitch Ratings recently downgraded the U.S. long-term credit rating from its top mark of AAA to AA+.

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August 3, 2023
Blog Posts
Can We Raise the Retirement Age and Protect Vulnerable Workers?

Unless lawmakers act, Social Security beneficiaries could soon see significant cuts in benefits.

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August 2, 2023
Blog Posts
Why the American Healthcare System Underperforms

Healthcare in the United States is very expensive — but we don’t get what we pay for.

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July 31, 2023
Blog Posts
Healthcare Spending Will be One-Fifth of the Economy within a Decade

Healthcare spending in the United States is rising, with serious implications for the federal budget.

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July 27, 2023
Press Releases & Statements
As Lawmakers Prepare for August Recess, Voters Nationwide Hold Deep Fiscal Concerns

“Our high and rising national debt is a pressing issue for the future of the nation, and the August recess presents an opportunity for a conversation between lawmakers and constituents about solutions,” said Michael A. Peterson.

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July 27, 2023
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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July 26, 2023
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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July 24, 2023
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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July 21, 2023
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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July 20, 2023
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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July 14, 2023
Blog Posts
Social Security’s Funding Gap is 1.3% of GDP — Here’s How We Can Close It

Social Security is an integral part of the nation’s fiscal picture and a vital economic lifeline for millions of recipients.

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July 13, 2023
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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July 13, 2023
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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July 13, 2023
Blog Posts
How Does the US Healthcare System Compare to Other Countries?

Despite higher healthcare spending, America’s health outcomes are not any better than those in other developed countries.

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July 12, 2023
Blog Posts
Poll: Strong Bipartisan Majority of Voters Call for Fiscal Commission

Voters are calling on their leaders to take concrete actions to put us on a better fiscal path.

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July 10, 2023
Blog Posts
How Can We Reduce Unnecessary Healthcare Spending in the US?

In 2021, health spending in the United States totaled $4.3 trillion and averaged nearly $13,000 per person.

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July 7, 2023
Blog Posts
Without Reform, Social Security Could Become Depleted Within the Next Decade

As the largest program in the federal budget, Social Security is a critical part of our nation’s fiscal picture and vital to millions of elderly recipients.

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June 29, 2023
Blog Posts
What Are Treasury’s “Extraordinary Measures” on the Debt Ceiling?

When the US government reaches its debt ceiling, the Treasury can use a variety of accounting maneuvers, known as “extraordinary measures” to keep the federal government from defaulting on its debts.

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June 29, 2023
Blog Posts
What Is Fiscal Policy? Interactive Teaching Tools

Many Americans, young and old, may be confused by the complex set of issues that comprise how the government raises revenues and allocates them.

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June 29, 2023
Press Releases & Statements
Peterson Foundation Statement on CBO Long-Term Budget Outlook

“America’s fiscal outlook is more dangerous and daunting than ever, threatening our economy and the next generation."

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June 28, 2023
Blog Posts
The National Debt Could Nearly Double in Size Over the Next 30 Years

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

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June 28, 2023
Press Releases & Statements
As Debt Exceeds $32 Trillion, Strong Bipartisan Majority of Voters Call on Lawmakers to Create Fiscal Commission

“Voters understand the urgency of our fiscal challenges, and that’s why they want lawmakers to take concrete steps to secure our future,” said Michael A. Peterson.

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June 28, 2023
Infographics
Infographic: What Is the Debt Ceiling?

Increasing the debt ceiling allows the Treasury to borrow funds to pay for government obligations that have already been incurred as the result of laws and budgets approved by the President and Congress.

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June 26, 2023
Blog Posts
How the Lack of Action on the Debt Ceiling Can Hurt the Economy

When the debt limit is close to being breached, or when a suspension of the ceiling is nearing, lawmakers would have to act to avoid serious economic and budgetary consequences.

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June 26, 2023
Blog Posts
The 2023 Deficit Is Projected To Total $1.5 Trillion. Here's Why It Could Be Even Higher

For 2023, the Congressional Budget Office (CBO) estimated in May that the federal budget deficit will total $1.5 trillion.

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June 20, 2023
Press Releases & Statements
Peterson Foundation Statement on $32 Trillion National Debt Milestone

"As we race past $32 trillion with no end in sight, it’s well past time to address the fundamental drivers of our debt," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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June 16, 2023
Blog Posts
How Much Will the Debt Ceiling Deal Reduce Deficits?

According to CBO, provisions in the Fiscal Responsibility Act of 2023 will result in a $1.5 trillion decrease to the deficit over the next 10 years.

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June 12, 2023
Analysis
Debt Ceiling Update: What’s at Stake

If lawmakers do not agree on raising or suspending the debt limit before the extraordinary measures are exhausted, there would be severe consequences.

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June 9, 2023
Blog Posts
The U.S. Fiscal Outlook Has Gotten Worse Over the Past Year — Here’s Why

The country’s fiscal trajectory got notably worse over the past year.

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June 7, 2023
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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June 7, 2023
Blog Posts
What are Caps on Discretionary Spending and Do They Work?

Let’s look at the trends in discretionary spending, and how effective they are in reducing the debt.

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June 6, 2023
Blog Posts
How Much COVID Funding Remains Unspent?

As part of a potential deal to raise the debt ceiling, policymakers are considering rescinding remaining funding for COVID-19 relief.

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June 5, 2023
Press Releases & Statements
Statement on Senate Passage of the Fiscal Responsibility Act

“Unfortunately, this bill does little to address our long-term fiscal challenges," said Michael A. Peterson.

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June 2, 2023
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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June 2, 2023
Blog Posts
What is the Carried Interest Loophole, and Why Is It So Difficult to Close It?

The treatment of carried interest continues to be one of the most controversial elements of the U.S. tax code.

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May 30, 2023
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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May 30, 2023
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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May 30, 2023
Press Releases & Statements
US Fiscal Confidence Drops to New All-Time Low as Debt Ceiling Deadline Looms

“As the national debt grows continually while the ceiling deadline inches closer, voters have an unprecedented level of concern about our fiscal outlook,” said Michael A. Peterson.

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May 25, 2023
Blog Posts
What is SNAP? An Overview of the Largest Federal Anti-Hunger Program

SNAP is the largest federal program aimed at combating hunger and food insecurity among low-income Americans.

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May 23, 2023
Infographics
Infographic: The Facts About U.S. Defense Spending

National security is both a vital priority and a significant part of the federal budget.

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May 17, 2023
Blog Posts
How Do Quantitative Easing and Tightening Affect the Federal Budget?

The Federal Reserve plays an important role in stabilizing the country’s economy.

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May 15, 2023
Blog Posts
Interest is Skyrocketing, and the National Debt Will Reach an All-time High in just 5 years

The Congressional Budget Office (CBO) released updated budget and economic projections, which incorporate the effects of higher interest rates, annual appropriations, and other recent legislative and economic developments.

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May 12, 2023
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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May 12, 2023
Blog Posts
Breaching the Debt Ceiling Could Make Federal Borrowing More Expensive

The recent volatility in interest rates show that breaching the debt ceiling could make federal borrowing much more expensive.

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May 12, 2023
Press Releases & Statements
Peterson Foundation Statement on CBO Report

“Today’s CBO report is a timely reminder that as lawmakers work to raise the debt ceiling, they should also address the underlying problem of our rapidly growing national debt."

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May 12, 2023
Blog Posts
The Federal Government Has Borrowed Trillions. Who Owns All that Debt?

The nation’s high and rising levels of debt can affect economic growth and pose a number of risks.

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May 11, 2023
Explainers
Payroll Taxes: What Are They and What Do They Fund?

Most working Americans are subject to payroll taxes, which are usually deducted automatically from an employee’s paycheck. Employers are also often subject to these types of taxes.

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May 1, 2023
Explainers
Budget Basics: National Defense

The United States spent $766 billion on national defense during fiscal year (FY) 2022 according to the Office of Management and Budget, which amounted to 12 percent of federal spending.

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April 28, 2023
Blog Posts
Despite Decades of Warnings, Social Security and Medicare Depletion Dates Have Been Getting Closer

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

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April 27, 2023
Press Releases & Statements
US Fiscal Confidence Ties All-Time Low amid Debt Ceiling Debate

“Democratic and Republican voters know that this level of fiscal irresponsibility carries a huge economic risk,” said Michael A. Peterson.

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April 27, 2023
Explainers
What is Inflation and Why Does it Matter?

Here’s an overview of inflation, why it matters, and how it’s managed.

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April 27, 2023
Blog Posts
Delaying Fiscal Reform is Costly, New Treasury Report Warns

The fiscal path of the U.S. government is currently unsustainable because the ratio of debt held by the public as a percent of GDP is rising.

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April 26, 2023
Explainers
Budget Basics: Federal Trust Funds

Federal trust funds bear little resemblance to their private-sector counterparts.

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April 24, 2023
Blog Posts
The United States Spends More on Defense than the Next 10 Countries Combined

Defense spending by the United States accounted for nearly 40 percent of military expenditures by countries around the world in 2022.

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April 24, 2023
Press Releases & Statements
Peterson Foundation Statement on Debt Ceiling Proposals

“It’s a positive step to see proposals which raise the debt ceiling while also beginning to address our unsustainable fiscal outlook," said Michael A. Peterson.

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April 20, 2023
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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April 19, 2023
Explainers
Budget Basics: Medicare

Medicare is an essential health insurance program serving millions of Americans, and a major part of the federal budget and our fiscal outlook.

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April 18, 2023
Press Releases & Statements
Brown University Researchers to Illuminate Solutions on Prevailing Pandemic Challenges

Projects to address testing, schooling mode impacts, misinformation and vaccine passports will receive $226,536 in research support from Peterson Foundation fund.

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April 14, 2023
Explainers
Budget Basics: Tax Expenditures

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

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April 14, 2023
Blog Posts
How Marginal Tax Rates and Breaks Affect What You Pay

The percentage of income that Americans pay in taxes can vary widely and depend on many factors.

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April 13, 2023
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 10, 2023
Blog Posts
Five Different Ways of Raising Taxes on the Wealthiest Americans

Many options exist to reduce the imbalance between spending and revenues, including additional taxes on wealthier Americans.

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April 6, 2023
Blog Posts
Six Charts That Show How Low Corporate Tax Revenues Are in the United States Right Now

Compared to historical trends and other advanced economies, corporate tax revenues in the United States are low.

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April 6, 2023
Blog Posts
Healthcare Spending in the United States Remains High

Healthcare spending in the United States totaled 18.3 percent of gross domestic product (GDP) in 2021.

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April 5, 2023
Explainers
The U.S. Corporate Tax System Explained

Presently, revenues raised by the corporate income tax represent the third-largest category of federal tax revenue in the United States, trailing those generated from the individual income and payroll taxes.

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April 5, 2023
Blog Posts
Almost 25% of Healthcare Spending is Considered Wasteful. Here’s Why.

The United States has one of the most expensive health systems in the world.

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April 3, 2023
Blog Posts
Medicare’s Hospital Insurance Trust Fund Could Be Exhausted in Just Eight 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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March 31, 2023
Press Releases & Statements
Peterson Foundation Statement on Trustees Reports

“These new Trustee reports make clear that when it comes to the future of Social Security and Medicare, doing nothing is simply not an option," said Michael A. Peterson.

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March 31, 2023
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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March 31, 2023
Blog Posts
Social Security and Medicare Trust Funds Could Be Depleted Within the Next Decade

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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March 31, 2023
Press Releases & Statements
National Debt Remains a Top Concern of Voters amid Debt Ceiling, Rising Interest Costs and Economic Uncertainty

“Voters understand that making progress on our national debt would help their economic prospects,” said Michael A. Peterson, CEO of the Peterson Foundation.

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March 30, 2023
Infographics
Infographic: How the U.S. Tax System Works

One issue that most lawmakers and voters agree on is that our tax system needs reform.

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March 28, 2023
Blog Posts
Will Allowing Medicare to Negotiate Prices of Prescription Drugs Result in Cost Savings?

Healthcare costs are notoriously high in the United States, and the price of prescription drugs is a big reason why.

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March 27, 2023
Explainers
Budget Basics: What Is Medicare Advantage?

The Medicare Advantage allows beneficiaries enrolled in both Part A and Part B to receive benefits from private plans.

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March 27, 2023
Explainers
10 Largest Budget Functions

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

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March 24, 2023
Explainers
Budget Basics: Who Pays Taxes?

The fairness of our federal tax system is a hotly debated issue. Too often, however, those debates confuse or misrepresent important facts because they focus on one type of tax in isolation rather than the various taxes that people face in aggregate.

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March 24, 2023
Blog Posts
Would Increased Funding for the IRS Narrow the Tax Gap?

Here we analyze the extent to which more funding impacts tax compliance, the tax gap, and federal revenues.

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March 15, 2023
Press Releases & Statements
Peterson Foundation Statement on President’s Budget

“It’s critical that budget proposals fully address the structural drivers of our debt in order to stabilize it over the long run," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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March 9, 2023
Blog Posts
President Biden’s Budget Would Reduce Deficits by Raising Taxes on the Wealthy and Corporations

The Biden Administration released its budget for FY 2024, calling for a reduction in federal deficits by $2.9 trillion over the next decade.

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March 9, 2023
Blog Posts
Eight of the Largest Tax Breaks Explained

Tax breaks totaled over $1.7 trillion in 2022. To put that in perspective, that’s more than the government spends on Social Security, defense, or Medicare.

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March 8, 2023
Blog Posts
How Can Fiscal Policy Help Reduce Inflation?

Responsible fiscal policy can play an important complementary role to monetary policy in helping to moderate inflation.

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March 7, 2023
Blog Posts
Lifting the Debt Ceiling Has Been Paired with Budget Reform in the Past

Earlier this year, the United States once again hit its debt ceiling, which is currently capped at $31.4 trillion.

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March 3, 2023
Press Releases & Statements
With Federal Interest Costs Rising to Record Levels, Voters Are Deeply Concerned About the National Debt

“CBO’s latest report shows just how vulnerable we are to rising interest rates, and voters are paying attention,” said Michael A. Peterson, CEO of the Peterson Foundation.

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March 3, 2023
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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March 2, 2023
Blog Posts
7 Key Trends in Poverty in the United States

According to the official poverty measure of the U.S. Census Bureau, 37.9 million people lived in poverty in 2021.

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February 27, 2023
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 24, 2023
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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February 23, 2023
Blog Posts
Interest Costs on the National Debt Are on Track to Reach a Record High

Borrowing costs have increased rapidly over the past year and will grow through the next decade.

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February 16, 2023
Press Releases & Statements
Peterson Foundation Statement on Skyrocketing Interest Costs in New CBO Report

“Interest costs are skyrocketing to record levels, damaging our nation’s budget, economy and future," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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February 15, 2023
Blog Posts
What’s the difference between CUTGO and PAYGO?

CUTGO is short for “cut-as-you-go,” and it is an internal rule used by the House of Representatives, meaning that it does not apply to consideration of legislation in the Senate.

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February 14, 2023
Press Releases & Statements
Students from New York’s Stony Brook University Win Top Prize for 11th Annual Up to Us Competition

With the national debt surpassing $31 trillion, the next generation of American leaders is making its voice heard.

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February 14, 2023
Blog Posts
How Much Government Spending Goes to Children?

Interest costs on the national debt are expected to rapidly outstrip spending on children in coming years.

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February 7, 2023
Blog Posts
The United States Forgoes Hundreds of Billions of Dollars Each Year Due to Unpaid Taxes

Cracking down on the tax gap would not only introduce more fairness into the system, but it could be a big help for our nation’s fiscal imbalance — to the tune of hundreds of billions of dollars every year.

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February 6, 2023
Blog Posts
Should We Eliminate the Social Security Tax Cap?

There have been a number of proposals to increase, eliminate, or otherwise adjust the payroll tax cap as a way to shore up Social Security’s finances.

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February 6, 2023
Press Releases & Statements
US Fiscal Confidence Drops as Era of Divided Government Begins

“With interest on the debt rising to more than $1 billion a day, voters know our fiscal condition is simply not sustainable,” said Michael A. Peterson, CEO of the Peterson Foundation.

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February 3, 2023
Blog Posts
76 Options to Reduce the Federal Deficit

There’s no doubt America’s fiscal problems are serious and significant, but CBO’s assortment of options offers lawmakers a deep playbook of spending and revenue changes that would put us on a better path.

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February 2, 2023
Press Releases & Statements
How to Rise above Gridlock: Political and Policy Experts Show Pathway to Bipartisan Progress under Divided Government

Eight new essays bring practical advice for congress and the administration to address America’s most pressing fiscal and economic challenges.

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February 2, 2023
Press Releases & Statements
New Year’s Resolution: 9 in 10 Voters Say Leaders in Divided Government in 2023 have a Responsibility to Work Together on National Debt

“Across party lines, vast majorities of voters believe that divided government brings an important responsibility for our leaders to work together to secure our fiscal future,” said Michael A. Peterson, CEO of the Peterson Foundation.

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January 5, 2023
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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January 3, 2023
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Bipartisan Policymaking under Divided Government

We asked experts with diverse views from across the political spectrum to share their perspectives.

National Debt Clock

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