by jpitney | May 14, 2022 | Budget, Debt
From CBO: The federal budget deficit was $360 billion in the first seven months of fiscal year 2022 (that is, from October 2021 through April 2022), the Congressional Budget Office estimates. That amount is about one-fifth of the $1.9 trillion shortfall recorded...
by jpitney | Feb 17, 2022 | Debt, Economic Policy
Desmond Lachman at Inside Sources: The major problem with a high public debt level is that it saddles the government with large future interest payment obligations. That leaves little room for other public expenditures and makes it difficult for the government to...
by jpitney | Feb 2, 2022 | Debt, Economic Policy
Matt Egan at CNN: America’s national debt just hit another sobering milestone. Total public debt outstanding is now above $30 trillion, according to Treasury Department data published Tuesday. Government borrowing accelerated during the Covid-19 pandemic...
by jpitney | Dec 23, 2021 | Debt, Economic Policy
Brian Riedl at the Manhattan Institute: Today’s trendy economic argument asserts that the current debt-to-GDP ratio of 100% has not harmed the economy, and therefore Congress can easily afford large new government expansions. But that argument has two fatal flaws....
by jpitney | Sep 14, 2021 | Bipartisanship, Civility, Congress, Debt
Tara D.Sonenshine writes at The Hill: In a recent letter to congressional leaders, Treasury Secretary Janet Yellen warned that without raising the debt ceiling, “the most likely outcome is that cash and extraordinary measures will be exhausted during the month of...
by jpitney | Sep 1, 2021 | Budget, Debt, Social Security
The Committee for a Responsible Federal Budget sums up the annual report of Social Security trustees: The Social Security program is only 13 years from insolvency, and action must be taken promptly to prevent an across-the-board benefit cut for many current and future...
