The Debt
  • Dome of the U.S. Capitol Building

    Why Big Deficits Are Here to Stay (for Now)

    By Michael Rainey

    From billions in income supplements for households to trillions in guaranteed loans for businesses, fiscal policy has taken a central role in the government’s response to the Covid recession...

  • The American Flag flies at the U.S. Capitol Building, as Mayor Muriel Bowser declared a State of Emergency due to the coronavirus disease (COVID-19), on Capitol Hill in Washington

    Cost of Interest on National Debt Falls Despite Surging Deficit: CBO

    By Michael Rainey

    The federal government estimates that it has paid billions of dollars less in interest on the national debt in the 2020 fiscal year, despite an increase in the size of the national debt on an annual...

  • Deficit Tops $3 Trillion in 2020: CBO

    By Michael Rainey

    The federal budget deficit rose to a record-breaking $3.1 trillion in fiscal year 2020, according to estimates released by the Congressional Budget Office Thursday. Even before the coronavirus crisis...

  • District of Columbia

    Both Trump and Biden Plans Would Push Debt Higher: CRFB

    By The Fiscal Times Staff

    Each set of proposals laid out in the campaigns of President Trump and former Vice President Joe Biden would increase the national debt by about $5 trillion over a decade, according to a new analysis...

  • ‘Doomed to Fail’: Why a $4 Trillion Bailout May Not Be Enough

    By Michael Rainey

    The roughly $4 trillion spent in response to the coronavirus pandemic has become the costliest economic rescue effort in U.S. history, surpassing even the staggering cost of 18 years of war in...

  • District of Columbia

    Debt Will Nearly Double by 2050: CBO

    By Michael Rainey

    The national debt will increase to about twice the size of the economy over the next 30 years, the Congressional Budget Office said Monday in its latest long-term budget outlook . Currently equal to...

  • FILE PHOTO: George Washington is seen with printed medical mask on the one Dollar banknotes in this illustration taken

    Pandemic Legislation Will Boost GDP by 4.7% This Year: CBO

    By Michael Rainey

    The four major laws passed by Congress to address the coronavirus pandemic will boost real domestic gross product by 4.7% in 2020 and 3.1% in 2021, the Congressional Budget Office said Friday. The “...

  • Biden’s Tax Plan: Who Really Would Pay More?

    Joe Biden’s tax plan would have high earners paying significantly more, with the top 1% of households shouldering 80% of the increase while those earning less than $400 would see no change on average...

  • The American Flag flies at the U.S. Capitol Building, as Mayor Muriel Bowser declared a State of Emergency due to the coronavirus disease (COVID-19), on Capitol Hill in Washington

    US Debt Costs Falling Even as Borrowing Soars

    By Michael Rainey

    Interest costs on the national debt have fallen about 10% this fiscal year, even as the amount of debt issued by the U.S. Treasury has hit record levels, Bloomberg reported Friday. And over the next...

  • District of Columbia

    Deficit Hits $3 Trillion in 2020: CBO

    By Michael Rainey

    The federal budget deficit was $198 billion in August, the Congressional Budget Office projected on Wednesday, bringing the deficit for the first 11 months of the 2020 fiscal year to $3 trillion. The...

  • Senate Majority Leader Mitch McConnell speaks as U.S. President Donald Trump listens during a Make America Great Again rally in Richmond

    Senate Sends $2.7 Trillion Budget Deal to Trump

    By Michael Rainey

    The Senate on Thursday approved the massive two-year budget deal passed by the House last week. President Trump is expected to sign the bill, which was negotiated by House Speaker Nancy Pelosi and...

  • Congress Needs Some Fiscal Rules

    By Veronique de Rugy and Jack Salmon

    Approval ratings for Congress are slumming at 17%. This is nothing new. With the exception of a short-lived patriotic spike following 9/11, it has been going on for decades . Yet this already failing...

  • District of Columbia

    What the Fed’s Rate Cut Means for the National Debt

    The Federal Reserve cut its benchmark interest rate for the first time since 2008 on Wednesday, lowering the target for its overnight lending rate by a quarter point , to between 2% and 2.25%, in an...

  • A sign marks the U.S Treasury Department in Washington

    Treasury Plans Big Jump in Debt Sales

    By The Fiscal Times Staff

    The U.S. Treasury announced Monday that it plans to borrow more – a lot more – than previously projected in the third quarter. Total borrowing is expected to hit $433 billion in the July-to-September...

  • The U.S. Capitol Building is seen shortly before sunset in Washington

    Republicans Defy Trump as House Passes Two-Year Budget Deal

    The House on Thursday afternoon passed a two-year budget deal that would raise spending, suspend the debt ceiling through July 2021 and add an estimated $1.7 trillion to the national debt over the...