Debt & Deficits
Latest
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Q&A: Gross Debt Versus Debt Held by the Public
Read moreOn August 18, 2026, the gross national debt exceeded $40 trillion for the first time. This mark serves as an important reminder of the nation's... -
12-Month Rolling Deficit is $1.9 Trillion in July 2026
Read moreThe federal government borrowed $1.9 trillion over the past 12 months according to new estimates from the Congressional Budget Office (CBO). Based on... -
Section 301 & 338 Tariffs Replace Less Than 60% of Lost IEEPA Revenue
Read moreNOTE (August 20, 2026): CBO estimated that changes in trade policy through July 31, 2026 increase projected primary deficits by $0.7 trillion and... -
What's in the House FY 2027 Budget Resolution?
Read moreThe House Budget Committee released a Fiscal Year (FY) 2027 budget resolution today. Unlike a typical budget resolution, which outlines spending and... -
12-Month Rolling Deficit is $1.8 Trillion in June 2026
Read moreThe federal government has borrowed $1.8 trillion over the past 12 months based on the latest estimates from the Congressional Budget Office (CBO)... -
Even Fiscal Doves Now Worry About the Debt
Read moreThe national debt is on an unsustainable path and represents a growing threat to the budget and economy. Increasingly, even former “fiscal doves” are... -
GAO Calls for ‘Urgent and Sustained Action’ on National Debt
Read moreIn its new report, “ The Nation’s Fiscal Health,” the Government Accountability Office (GAO) projects the national debt will rise to 251 percent of... -
Proposed Tariff Actions Could Raise Revenue by Nearly $1 Trillion
Read moreThe Trump Administration recently proposed new tariffs on imports from 60 economies using Section 301, which allows the President to impose trade... -
Mitch Daniels: Debt disaster denialists think America has a new magic bullet
Read moreMitch Daniels is a former Governor of Indiana and former President of Purdue University. He is also a Co-Chair of the Board of Directors of the... -
12-Month Rolling Deficit is $1.7 Trillion in April 2026
Read moreThe federal government borrowed $1.7 trillion over the past year – May 2025 to April 2026 – based on estimates from the Congressional Budget Office... -
Debt Ceiling Q&A
Read moreThe debt ceiling currently stands at $41.1 trillion, having been lifted to that level by the One Big Beautiful Bill Act (OBBBA) signed into law on... -
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...