Debt & Deficits
Latest
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CBO Reports $475 Billion Deficit for First 5 Months of Fiscal Year
Read moreThe United States borrowed $475 billion in the first five months of fiscal year 2022, with a $216 billion deficit in February, according to the latest...
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Heritage Foundation Releases 2022 Budget Blueprint
Read moreThe Heritage Foundation recently released their 2022 Budget Blueprint, a list of over 200 specific policy proposals that would “roll back excessive...
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Did President Biden Reduce the Deficit by $1 Trillion?
Read moreIn his first State of the Union address, President Joe Biden stated that he would be "the only president ever to cut the deficit by more than one...
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Bipartisan House Group Sends Letter Calling for Budget Reforms
Read moreToday, a bipartisan group of 24 members of the House of Representatives sent a letter to House leadership calling for the inclusion of budget process...
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Q&A: Gross Debt Versus Debt Held by the Public
Read moreThe Q&A has been updated here. On January 31, 2022, the federal government's gross debt exceeded $30 trillion for the first time. This mark serves as...
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FACT SHEET: Are Deficits in Decline?
Read moreLast month, the federal government ran a surplus of $119 billion, the first monthly surplus since September 2019. The Fiscal Year 2022 deficit is...
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How Would Higher Interest Rates Affect Interest Payments?
Read moreInterest on the national debt is projected to be the fastest growing part of the federal budget. We estimate, based on the Congressional Budget Office...
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CBO Estimates a Permanent Build Back Better
Read moreThe Congressional Budget Office (CBO) today released an estimate of how much it would cost to make most temporary provisions in the House-passed Build...
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Does Build Back Better Cost $1.6 Trillion or $2.4 Trillion?
Read moreThe Congressional Budget Office (CBO) recently estimated that the House-passed Build Back Better Act will increase outlays by $1.64 trillion over ten...
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A Permanent Build Back Better Act Could Cost $4.8 Trillion
Read moreUPDATE 12/10: Since this analysis was published, CBO has issued a correction to its initial estimate of H.R. 5376. Instead of adding $160 billion to...
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Full Estimates of the House Build Back Better Act
Read moreUPDATE 12/13: Since this analysis was published, CBO has issued a correction to its initial estimate of H.R. 5376. Instead of adding $160 billion to...
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Updated Budget Projections Show Record Debt by 2031
Read moreNew estimates from the Committee for a Responsible Federal Budget project that debt as a percentage of Gross Domestic Product (GDP) is on track to...