Debt & Deficits
Latest
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The Case for a 3% of GDP Deficit Target
Read moreAs the debt approaches record levels as a share of the economy, the United States government continues to run the highest peacetime deficits in the...
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Debt Surpasses Size of the Economy
Read moreThe national debt exceeded 100% of Gross Domestic Product (GDP) last month, based on new economic data released by the Bureau of Economic Analysis...
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Trump CEA Projections Tracker
Read moreBefore the passage of the One Big Beautiful Bill Act (OBBBA), the White House Council of Economic Advisers (CEA) released economic and fiscal...
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Recent Metal Tariff Changes Will Lose $90 Billion, Instead of Raising Revenue
Read moreOn April 2 the Administration issued a proclamation adjusting tariffs on imports of aluminum, steel, and copper. Contrary to the initially reported...
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12-Month Rolling Deficit is $1.6 Trillion in March 2026
Read moreThe federal government borrowed $1.6 trillion over the past 12 months based on new estimates from the Congressional Budget Office (CBO). CBO estimates...
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Potential Steel and Aluminum Tariff Changes Would Raise $70 Billion
Read moreNote: (04/02/2026) The Administration's proclamation issued today adjusting tariffs on the imports of steel, aluminum, and copper differs from...
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Q&A: Gross Debt Versus Debt Held by the Public
Read moreOn March 17, 2026, the gross national debt exceeded $39 trillion for the first time. This mark serves as an important reminder of the nation's...
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A Gas Tax Holiday Would Cost Billions Each Month
Read moreIn the midst of the conflict with Iran and spiking oil prices, policymakers are reportedly considering – and some have introduced – a temporary gas...
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OBBBA Dynamic Score Comes In at $4.7 Trillion
Read moreThe “One Big Beautiful Bill Act” (OBBBA) will add $4.2 trillion to the national debt through Fiscal Year (FY) 2034 or $4.7 trillion through 2035 after...
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Break Glass: A Plan for the Next Economic Shock
Read moreThe U.S. has never experienced an economic shock as indebted as we are today. Recessions and other economic shocks are inevitable. Although the timing...
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12-Month Rolling Deficit is $1.6 Trillion in February 2026
Read moreThe federal government borrowed $1.6 trillion over the past year – March 2025 to February 2026 – based on estimates from the Congressional Budget...
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CBO Projects Possible Debt Spiral, as R Exceeds G
Read moreThe U.S. national debt has long been on an unsustainable path. Nonetheless, for most of the 20th century, debt sustainability has been bolstered by...