The Debt
  • 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...

  • U.S. President Trump hosts coronavirus response task force briefing at the White House in Washington

    Reducing National Debt Will Be ‘Big Second-Term Priority’ for Trump, White House Says

    By Michael Rainey

    Donald Trump famously declared while running for president that he would eliminate the national debt during two terms in office. "We're not a rich country. We're a debtor nation,” Trump told The...

  • 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

    National Debt Will Exceed Size of Economy in 2021

    By Michael Rainey

    The CBO also updated its budget outlook Wednesday, estimating that the federal budget deficit for fiscal year 2020 would come in at $3.3 trillion, down from its previous estimate of $3.7 trillion...

  • Steel beams on the draw span, which needs replacement, are shown on the Arlington Memorial Bridge in Washington.

    Once Again, Infrastructure?

    By Michael Rainey

    Real interest rates are negative, which means the federal government is essentially getting paid to borrow money right now, once inflation is taken into account. Writing at Bloomberg Monday, Wall...

  • US Debt Is Now Larger Than the Economy. Does It Matter?

    By Michael Rainey

    The national debt is now roughly the size of the U.S. economy, crossing a threshold that has long worried deficit hawks and many economists. At the end of 2019, the federal debt held by the public...