On its current path, the $18.1 trillion debt is projected to rise to nearly $27 trillion -- and perhaps even more -- by 2025.
The House Ways and Means Committee has approved a measure that supporters incorrectly claim would prevent federal defaults if the statutory debt limit were reached.
The House Ways and Means Committee approved a measure last week that would allow the Treasury to continue issuing new debt to pay interest on the publicly held debt and Social Security benefits even if the statutory debt limit has been reached.
With a particularly destructive wildfire season this year, the U.S.
Skyrocketing prescription drug costs have blown a hole in the Pentagon’s health care budget but lawmakers disagree on how to lower these costs, with many of them unwilling to alter milita
Back from its long August recess, Congress faces some difficult decisions and tight deadlines, the result of another collapsed budget process and persistent procrastination this year.
The Congressional Budget Office (CBO) has released updated projections that reinforce the need for presidential candidates to explain how they would curb the federal debt over the next decade.
Two members of First Budget’s Iowa cabinet are calling on voters to engage presidential candidates on how to put the nation on a sustainable fiscal course.
Jeff Angelo, a former Republican state senator from Ames, and Jeff Danielson, current Democratic state senator from Waterloo, write in the Ames Tribune that the next president will face a daunting fiscal outlook.
To meet the nation’s fiscal challenges, changes are needed throughout the federal budget. That includes domestic spending programs, defense and the inefficient tax code.
But Medicare and Social Security reform are “a crucial part of the mix,” says Chase Hagaman, New England regional director for The Concord Coalition.
These two programs already comprise 42 percent of non-interest federal spending and are growing very rapidly because of an increasing number of beneficiaries. In addition, Medicare faces rising health care costs.
Congressional partisanship and inaction have often dismayed advocates of responsible fiscal policies in recent years. Phil LaRue, director of government relations for The Concord Coalition, points to examples such as the breakdown of the budget process and debt-limit showdowns that roil financial markets.
Yet in recent months, LaRue says in a blog post, there have been positive signs as well, with some lawmakers “coming back around to the fiscal realities facing them this fall and in the coming years.”