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Higher short- and long-term Treasury rates mean that the federal government’s borrowing costs will also rise, thereby generating significant consequences for the budget and the national debt.
Here we examine that increase in funding in greater detail by analyzing the extent to which more funding impacts tax compliance, the tax gap, and federal revenues.
“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.
Today, the Biden Administration released its budget for fiscal year 2024, calling for a reduction in federal deficits by $2.9 trillion over the next decade relative to current law.
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.
Responsible fiscal policy can play an important complementary role to monetary policy in helping to moderate inflation.
Earlier this year, the United States once again hit its debt ceiling, which is currently capped at $31.4 trillion.
There are three widely used measures of federal debt. What are the important differences between these measurements?
“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.
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.
According to the official poverty measure of the U.S. Census Bureau, 37.9 million people lived in poverty in 2021.
The words debt and deficit come up frequently in debates and conversations about the policy decisions that lawmakers face. The two concepts are similar, but are often confused.
Healthcare spending is a critically important part of the American economy and the federal budget.
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.
Borrowing costs have increased rapidly over the past year and will grow through the next decade.
At $31 trillion and rising, the national debt threatens America’s economic future. Here are the top ten reasons why the national debt matters.
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
“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.
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.
Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.
With the national debt surpassing $31 trillion, the next generation of American leaders is making its voice heard.
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.
Interest costs on the national debt are expected to rapidly outstrip spending on children in coming years.
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.
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.
“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.
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.
Eight new essays bring practical advice for congress and the administration to address America’s most pressing fiscal and economic challenges.
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.
Even if Congress raises the debt ceiling and avoids default, last-minute brinksmanship alone has the potential to create economic damage.
If lawmakers do not agree on raising or suspending the debt limit before the extraordinary measures are exhausted, there would be severe consequences for both the federal government and the economy.
As the U.S. reaches its debt ceiling, the Department of the Treasury is now using “extraordinary measures” to keep the federal government from defaulting on its debts.
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.
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.
“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.
A continuing resolution is a temporary funding measure that Congress can use to fund the federal government for a limited amount of time.