FISCAL BLOG

In 2021, health spending in the United States totaled $4.3 trillion and averaged nearly $13,000 per person.

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Many Americans, young and old, may be confused by the complex set of issues that comprise how the government raises revenues and allocates them.

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When the US government reaches its debt ceiling, the Treasury can use a variety of accounting maneuvers, known as “extraordinary measures” to keep the federal government from defaulting on its debts.

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When the debt limit is close to being breached, or when a suspension of the ceiling is nearing, lawmakers would have to act to avoid serious economic and budgetary consequences.

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For 2023, the Congressional Budget Office (CBO) estimated in May that the federal budget deficit will total $1.5 trillion.

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According to CBO, provisions in the Fiscal Responsibility Act of 2023 will result in a $1.5 trillion decrease to the deficit over the next 10 years.

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The country’s fiscal trajectory got notably worse over the past year.

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Let’s look at the trends in discretionary spending and how effective caps are in reducing the debt.

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As part of a potential deal to raise the debt ceiling, policymakers are considering rescinding remaining funding for COVID-19 relief.

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The Federal Reserve plays an important role in stabilizing the country’s economy.

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Solutions Initiative 2024

Seven think tanks from across the ideological spectrum all agree that we are on an unsustainable fiscal path, and we need to change course.

National Debt Clock

See the latest numbers and learn more about the causes of our high and rising debt.