Fix the Debt

02/10/2021

Confronting the current crisis remains the priority, but rising national debt will have to be addressed when the economy is strong.

The federal budget deficit was $348 billion in the same period last year, the Congressional Budget Office estimated.

12/12/2020

We are pleased to host with a special virtual screening next week of the award-winning documentary We are Unrepresented. An online discussion will follow featuring a distinguished panel with Lawrence Lessig, Maya MacGuineas of the Committee For a Responsible Federal Budget, Kahlil Byrd of Invest America Fund, and the film's producer, Andrew Rodney. RSVP now at https://secure.everyaction.com/Hg_4uL23VEaRbUyaKgeyQQ2.

12/11/2020

The priority now is to fight the crisis. Smart, phased-in deficit reduction will be needed after the economy is stronger to address high long-term national debt http://www.crfb.org/blogs/policymakers-should-avoid-austerity-addressing-debt.

The economy remains weak and may be headed for a double-dip recession this winter. Though COVID relief enacted to date has been largely successful in boosting incomes and supporting the economy, most of that relief has ended or will soon. As policymakers consider further economic relief, they also f...

12/10/2020

New poll: 60% of voters believe the national debt will get worse over the next few years. That is very likely given the need to respond to the health and economic crisis. That means policymakers will have to address high long-term national debt in a smart way after the economy has recovered.

The Fiscal Confidence Index is a national survey that measures public opinion about the national debt.

12/08/2020

NEW: CBO estimates the federal budget deficit totaled $430 billion in October and November 2020, that is $87 billion more than the deficit recorded during the same period last year https://www.cbo.gov/publication/56886.

The federal budget deficit totaled $430 billion in October and November 2020, the first two months of fiscal year 2021, the Congressional Budget Office estimates.

12/08/2020

What are the prospects for additional relief? How will that affect the long-term national debt? Listen to 3 experts discuss the situation

Some lawmakers find another coronavirus stimulus bill concerning because they say it would add to the federal deficit. We talk to some economists about it.

12/03/2020

A former Comptroller General of the U.S. calls for a "Fiscal Sustainability Commission" to help make the difficult decisions necessary for a more sustainable future https://thehill.com/opinion/finance/527978-america-must-restore-fiscal-sanity.

Our leaders must enact reforms to tackle the federal deficit.

12/02/2020

Now is one of those times that debt can be useful as we need to fight the pandemic, prop up the economy, and help those who have been affected. But we will have to address the long-term national debt in a gradual way once the economy is strong again

Few of our political leaders are eager to deal with the national debt. It's an issue that entails very challenging policy solutions, and thus tends to be used more as a cudgel to stop expensive policies from moving forward, than as an issue in its own right. Even for those who do worry about the deb...

11/19/2020

We must borrow to address the current crisis, but we will eventually have to deal with high national debt https://review.chicagobooth.edu/economics/2020/article/debt-still-matters.

When the government borrows, someone—eventually—will have to pay it back.

11/12/2020

CBO estimates the federal budget deficit was $284 billion in October https://www.cbo.gov/publication/56746.

In fiscal year 2020, the federal budget deficit totaled $3.1 trillion—more than triple the shortfall recorded in fiscal year 2019. The deficit in 2020 was equal to 14.9 percent of GDP, up from 4.6 percent in 2019 and 3.8 percent in 2018.

10/29/2020

National debt went up under President Trump. The winner of the election will face a serious long-term debt problem that will have to be addressed after the current crisis ends

Analysts point to several reasons for the jump, including his tax cuts in 2017 and the federal response to the economic fallout from the pandemic.