The Debt

Does the Deficit Matter? Congress Asks Four Top Economists

By Yuval Rosenberg and Michael Rainey

Wednesday’s impeachment hearings will rightly dominate headlines given the bombshells in Ambassador Gordon Sondland’s testimony, but they weren’t the only hearings happening in Congress. The House...
How the Deficit Looms Over the Democratic Presidential Race

By Yuval Rosenberg

Democrats are set to hold another presidential primary debate Wednesday night, and if the pattern from past debates holds true, we’ll likely hear the 10 candidates on stage talk a lot about health...
Rethinking the Debt Threat: House Panel to Hold Hearing Next Week

By Yuval Rosenberg

The House Budget Committee will hold a hearing next week examining the costs and consequences of federal debt, with four prominent economists slated to testify. Ahead of the hearing, Democratic...
Cost of Wars Since 9/11: $6.4 Trillion and Rising

By Michael Rainey

The total cost of the wars fought since 9/11 is approaching $6.4 trillion, according to an annual report published Wednesday by the Watson Institute for International and Public Affairs at Brown...
National Debt Hits $23 Trillion

By Michael Rainey

Total federal debt has surpassed $23 trillion for the first time, according to data released by the Treasury Department Friday. Of that amount, $17 trillion is debt held by the public, which is...

Two Takes on Republican Debt Hypocrisy

By Yuval Rosenberg

The federal deficit for fiscal 2019 was nearly $1 trillion, and the national debt is going to hit $23 trillion within a matter of days. President Trump once said he would eliminate the national debt...
The Budget Outlook Isn’t Good — but It Has ‘Improved Substantially Since 2010’: Report

By Yuval Rosenberg

The national debt is now approaching $23 trillion, up nearly $9 trillion from the end of 2010, and the debt held by the public now stands at nearly $17 trillion, up about $7.5 trillion from since the...
2019 Deficit Was Just Under $1 Trillion, Highest in 7 Years: CBO

By Yuval Rosenberg

The federal budget deficit for fiscal year 2019 grew to $984 billion, or 4.7% of GDP, the highest since 2012, the Congressional Budget Office estimated on Monday. The total for 2019 is 26% higher...
McCarthy Says Debt Will Be ‘Taken Care of’ if GOP Wins the House

By Michael Rainey

Minority Leader Kevin McCarthy said Thursday that the national debt would be his top priority if Republicans succeed in retaking the House in 2020. “First thing we would do is make sure our debt is...
Mnuchin Says Treasury Is ‘Seriously Considering’ a 50-Year Bond

By Michael Rainey

Asked about President Trump’s recent suggestion that the U.S. should “refinance” its debt at lower interest rates over a longer time horizon, Treasury Secretary Steven Mnuchin said Thursday his...

Jon Stewart vs. Rand Paul on 9/11 Victims Fund

By Yuval Rosenberg

The bill providing compensation to 9/11 responders, which easily passed the House last week, stalled in the Senate Wednesday, as Sen. Rand Paul (R-KY) objected to an attempt to pass the legislation...
Blanchard Defends a ‘More Relaxed Attitude on Public Debt’

By Michael Rainey

Renowned macroeconomist Olivier Blanchard made waves in fiscal policy circles with his recent work that finds that government deficits and debt are less harmful than many experts have assumed, and in...
Number of the Day: Global Debt Grows by $3 Trillion

By The Fiscal Times Staff

Borrowing is back, big-time. Global debt grew by $3 trillion in the first quarter of the year to reach $246.5 trillion total, according to a report by the Institute of International Finance cited by...
Pelosi Pushes for Spending Parity in Deal to Raise Debt Ceiling

By Michael Rainey

House Speaker Nancy Pelosi said over the weekend that she wants to see equal increases in defense and nondefense spending in the budget deal currently under negotiation between Congress and the White...
The Race Is On to Avoid a Debt Ceiling Crisis

By Yuval Rosenberg

Eager to avert a debt ceiling crisis, the White House is pushing lawmakers to agree to a budget deal and raise the nation’s borrowing limit within a few weeks — and is signaling a willingness to...