Debt & Deficits

This November, the Supreme Court will hold oral arguments on whether a large swath of President Trump‘s tariffs are illegal or not, possibly leading...

From September 2024 through August 2025, the federal government borrowed $1.9 trillion based on estimates from the Congressional Budget Office (CBO)...

It would take roughly $7.5 trillion of deficit reduction over the next decade to bring the deficit down to 3 percent of GDP by 2035, and $9 trillion...

The federal government borrowed $1.9 trillion over the past year – August 2024 to July 2025 – based on estimates from the Congressional Budget Office...

On August 7, the Trump Administration finalized a new set of “reciprocal tariff rates” that generally range from 10 to 41 percent. Assuming they...

Representatives Ben Cline (R-VA) and Jared Golden (D-ME) introduced the Fiscal Contingency Preparedness Act (FCPA) today. This bill was also...

Note: This blog was updated on 8/4/25 to reflect CBO's newly-released estimates of the permanent cost of certain expiring tax provisions in OBBBA. The...

The federal government borrowed $1.9 trillion over the past year – July 2024 to June 2025 – based on estimates from the Congressional Budget Office...

Update (7/2/2025): The analysis below has been updated based CBO's initial estimate of the Senate-passed bill and JCT's estimate of the Senate-passed...

Maya MacGuineas is president of the Committee for a Responsible Federal Budget. She recently wrote an opinion piece for U.S. News and World Report, an...

The federal government borrowed $2.0 trillion over the past year – June 2024 to May 2025 – based on estimates from the Congressional Budget Office...