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The Peter G. Peterson Foundation is a nonpartisan, nonprofit organization focused on building a brighter economic future for all Americans. Browse news from the Foundation, and read about our upcoming events.

Infographics
Swing State Voters Want Harris and Trump to Present Plans to Shore Up Social Security

The majority of voters in key battleground states say it’s important for presidential candidates to have a plan to prevent automatic cuts to Social Security.

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October 29, 2024
Blog Posts
The U.S. Nearly Had a $2 Trillion Deficit Again

Despite a healthy economy, the underlying deficit nearly reached $2 trillion for the second year in a row.

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October 29, 2024
Infographics
National Debt a Critical Election Issue for Swing State Voters

More than 9-in-10 voters across seven key states say it’s important for candidates to have a plan for the debt.

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October 22, 2024
Press Releases & Statements
New Battleground Poll: National Debt a Critical Issue for Swing State Voters

New swing state polling reveals that 2024 voters overwhelmingly believe that the rising national debt is a critical campaign issue.

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October 9, 2024
Blog Posts
Solutions for Medicare Sustainability

Medicare spending totaled 3.1 percent of gross domestic product (GDP) in 2023 and is projected to climb to 5.4 percent of GDP by 2054.

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October 1, 2024
Blog Posts
Continuing Resolutions Are Stopgap Measures — But Now We Average Five a Year

One of the most fundamental responsibilities of the federal government is to set and pass a budget every year, allocating funding towards the nation’s needs and priorities.

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September 27, 2024
Blog Posts
What is a Continuing Resolution?

A continuing resolution is a temporary funding measure that Congress can use to fund the federal government for a limited amount of time.

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September 27, 2024
Press Releases & Statements
Voters Call on Leaders to Prioritize Solutions to the National Debt

“Voters are clearly concerned about the growing national debt, and they want their Presidential and Congressional candidates to put forward solutions,” said Michael A. Peterson.

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September 26, 2024
Analysis
The Fed Reduced Short-Term Rates, but Interest Costs Remain High

Higher short- and long-term Treasury rates mean that the federal government's borrowing costs will also rise.

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September 18, 2024
Blog Posts
Healthcare Spending Will be One-Fifth of the Economy within a Decade

Healthcare spending in the United States is rising, with serious implications for the federal budget.

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September 16, 2024
Explainers
What is Inflation and Why Does it Matter?

Here’s an overview of inflation, why it matters, and how it’s managed.

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September 16, 2024
Blog Posts
What is SNAP? An Overview of the Largest Federal Anti-Hunger Program

SNAP is the largest federal program aimed at combating hunger and food insecurity among low-income Americans.

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September 11, 2024
Blog Posts
What is the Carried Interest Loophole, and Why Is It So Difficult to Close?

The treatment of carried interest continues to be one of the most controversial elements of the U.S. tax code.

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September 11, 2024
Blog Posts
A Brief History of U.S. Government Shutdowns

Because government shutdowns are unique to the U.S., it is helpful to understand their history, why they occur here, and how peer countries avoid them.

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September 10, 2024
Press Releases & Statements
New Poll: Voters Want Harris, Trump to Discuss National Debt at September 10 Debate

“Voters are clearly concerned about the growing national debt, and are calling for answers from the candidates at the September 10 presidential debate,” said Michael A. Peterson.

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September 4, 2024
Blog Posts
Without Reform, Social Security Could Become Depleted Within the Next Decade

As the largest program in the federal budget, Social Security is a critical part of our nation’s fiscal picture and vital to millions of elderly recipients.

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August 30, 2024
Blog Posts
What is Site Neutrality and Could it Help Reduce Healthcare Costs?

Site neutrality refers to the idea that patients should pay the same price for the same services regardless of where the service is performed.

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August 26, 2024
Blog Posts
How Does the Capital Gains Tax Work Now, and What Are Some Proposed Reforms?

While the capital gains tax affects anyone selling a capital asset, higher-income individuals are typically subject to the tax more so than average Americans.

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August 26, 2024
Blog Posts
What is R Versus G and Why Does it Matter for the National Debt?

The combination of higher debt levels and elevated interest rates have increased the cost of federal borrowing.

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August 22, 2024
Explainers
The National Debt Can Crowd Out Investments in the Economy — Here’s How

The federal government is slated to borrow about $1.9 trillion this year, and that annual shortfall is projected to grow to $2.9 trillion by 2034.

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August 22, 2024
Analysis
Top 10 Reasons Why the National Debt Matters

At $35 trillion and rising, the national debt threatens America’s economic future. Here are the top ten reasons why the national debt matters.

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August 21, 2024
Explainers
Budget Basics: Federal Trust Funds

Federal trust funds bear little resemblance to their private-sector counterparts.

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August 20, 2024
Explainers
Budget Basics: What Is Medicare Advantage?

The Medicare Advantage allows beneficiaries enrolled in both Part A and Part B to receive benefits from private plans.

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August 20, 2024
Explainers
Budget Basics: Medicare

Medicare is an essential health insurance program serving millions of Americans, and a major part of the federal budget and our fiscal outlook.

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August 20, 2024
Blog Posts
9 Facts About Social Security and the Need to Strengthen It

Social Security is an essential program for millions of Americans, but it’s at risk if lawmakers fail to take action to reform the program.

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August 19, 2024
Explainers
How Is K-12 Education Funded?

Public schools for students in kindergarten through 12th grade are financed through a combination of local, state, and federal dollars in proportions that vary across and within states.

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August 19, 2024
Blog Posts
How Does the U.S. Healthcare System Compare to Other Countries?

Despite higher healthcare spending, America’s health outcomes are not any better than those in other developed countries.

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August 15, 2024
Blog Posts
Solutions for Social Security Sustainability

Right now, Social Security’s finances are in trouble, and without reform the program will be unable to pay out full benefits in about a decade.

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August 15, 2024
Infographics
Infographic: The Facts About U.S. Defense Spending

National security is both a vital priority and a significant part of the federal budget.

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August 12, 2024
Blog Posts
What Is the National Debt Costing Us?

Programs that millions of Americans depend on and care about may be feeling a squeeze from interest costs on our high and rising national debt.

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August 6, 2024
Blog Posts
The Federal Government Has Borrowed Trillions. Who Owns All that Debt?

The nation’s high and rising levels of debt can affect economic growth and pose a number of risks.

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August 6, 2024
Press Releases & Statements
100 Days from Election, Democrats and Republicans Overwhelmingly Call for More Discussion of National Debt

“As we approach the final months of the election campaign, voters want to hear more from their candidates about solutions for the $35 trillion and growing national debt.” said Michael A. Peterson.

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August 1, 2024
Blog Posts
Why Have Federal Deficits Soared Over the Past Two Decades?

Twenty years ago, the United States was on track to substantially reduce the debt, but spending increases and tax cuts altered that course.

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July 31, 2024
Infographics
The National Debt Is Now More than $35 Trillion. What Does That Mean?

Although the debt affects each of us, it may be difficult to put such a large number into perspective and fully understand its implications.

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July 29, 2024
Press Releases & Statements
Peterson Foundation Statement on the National Debt Surpassing $35 trillion

“Crossing $35 trillion in debt is a stark reminder that we need to get serious about securing America’s fiscal future," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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July 29, 2024
Blog Posts
The White House Now Expects $2 Trillion Deficits by the End of the Decade

A set of new budget estimates from the Office of Management and Budget (OMB) reveals that even if the President’s Budget were implemented in full, debt would still exceed its all-time high by the end of the decade.

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July 26, 2024
Press Releases & Statements
New Plans from Seven Leading Think Tanks Solve the National Debt

“The Solutions Initiative 2024 shows that there is widespread agreement that America’s fiscal challenges are both unsustainable and solvable, and we have many good options to chart a brighter future for our country," said Michael A. Peterson.

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July 23, 2024
Blog Posts
Here’s What We Know about Foreign-Born Workers in the U.S.

Understanding the differences between foreign and native-born workers sheds light on important details of the U.S. economy.

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July 18, 2024
Explainers
What Are Excise Taxes and How Do They Affect the Federal Budget?

Here we take a closer look at excise taxes in the United States and examine how they fit into the federal budget.

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July 15, 2024
Blog Posts
The Nation’s Fiscal Outlook Just Got Worse — Here’s Why

The Congressional Budget Office (CBO) updated its budget and economic projections, which now show that federal deficits are projected to be $2.1 trillion higher over the next decade than the agency projected just a few months ago.

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July 1, 2024
Blog Posts
Any Way You Look at It, Interest Costs Will Soon Be at an All-Time High

The most recent projections from CBO confirm once again that America’s fiscal outlook is on an unsustainable path — increasingly driven by higher interest costs.

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July 1, 2024
Blog Posts
Presidential Debate Highlights Fiscal Election

One of the first questions at last night’s debate was about the national debt, and for good reason.

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June 28, 2024
Press Releases & Statements
As Presidential Debates Begin, Voters Want Leaders to Prioritize National Debt

“Voters are deeply concerned about the rising national debt, and tonight’s presidential debate is an important opportunity for the candidates to talk about their plans to stabilize our future," said Michael A. Peterson.

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June 27, 2024
Blog Posts
CBO’s New Report Shows Worsening Fiscal Outlook

The national debt is expected to exceed its record high in just 3 years.

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June 18, 2024
Blog Posts
How Much Would It Cost to Make the TCJA Permanent?

The CBO projects that extending the TCJA would increase deficits by $4.6 trillion over 10 years.

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June 18, 2024
Press Releases & Statements
Peterson Foundation Statement on New CBO Report

“CBO’s new report shows that the outlook for America’s critical national debt challenge is worsening," said Michael A. Peterson.

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June 18, 2024
Press Releases & Statements
Once Aware of Upcoming Automatic Cuts to Social Security, 97% Agree Lawmakers Should Act

“Voters understand that ‘not touching’ Social Security is not an option because automatic cuts are unacceptable and waiting only makes the problem more costly and difficult to solve,” said Michael A. Peterson.

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May 30, 2024
Blog Posts
These Tax Expenditures Cost Billions More than Anticipated — Here’s Why

Tax expenditures are costly for the federal government but they can be effective vehicles for lawmakers to achieve policy goals.

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May 23, 2024
Blog Posts
Higher Interest Rates Could Cause the National Debt to Skyrocket

Interest rates on U.S. Treasury securities have a significant influence on federal borrowing costs.

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May 23, 2024
Blog Posts
How Does the Aging of the Population Affect Our Fiscal Health?

As a large portion of the American population lives well beyond retirement age, the total cost of providing healthcare will grow as well.

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May 21, 2024
Blog Posts
Healthcare Costs Are a Major Driver of the National Debt and Here’s Why

One of the largest drivers of that rising debt is federal spending on major healthcare programs, such as Medicare and Medicaid.

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May 21, 2024
Blog Posts
The Lawmakers We Elect in November Will Face a Series of Important Fiscal Decisions

The lawmakers we choose this November will face critical fiscal and economic decisions in the near future.

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May 20, 2024
Explainers
Budget Basics: How Does Social Security Work?

Social Security is the largest single program in the federal budget and makes up approximately one quarter of total federal spending.

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May 20, 2024
Blog Posts
How Did the TCJA Affect Corporate Tax Revenues?

The 2017 Tax Cuts and Jobs Act made a number of changes to the corporate tax code, most prominently lowering the top corporate tax rate from 35 to 21 percent.

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May 13, 2024
Blog Posts
Despite Decades of Warnings, the Depletion of Social Security’s Trust Fund Has Been Getting Closer

The depletion dates for Social Security and Medicare’s Trust Funds are rapidly approaching.

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May 8, 2024
Blog Posts
Medicare’s Hospital Insurance Trust Fund Could Be Exhausted in 12 Years

Without reform, Medicare spending will continue to rise over the coming years — threatening the HI Trust Fund and placing immense pressure on the federal budget.

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May 7, 2024
Blog Posts
Social Security Faces Serious Financial Shortfalls, and Other Takeaways from the Trustees Report

Without reform, the Social Security Trust Funds will soon be depleted and unable to pay full benefits.

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May 6, 2024
Blog Posts
Social Security and Medicare Trust Funds Could Soon Be Depleted

Today, the Social Security and Medicare Trustees released their annual reports on the programs’ financing, showing that the future of these vital programs remain at risk.

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May 6, 2024
Press Releases & Statements
Statement on 2024 Trustees Reports

“Today’s Trustees reports drive home the fact that the clock is ticking down on automatic cuts to Social Security and Medicare," said Michael A. Peterson.

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May 6, 2024
Explainers
Budget Basics: National Defense

The U.S. spent $820 billion on national defense during fiscal year (FY) 2023 according to the Office of Management and Budget, which amounted to 13 percent of federal spending.

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May 2, 2024
Blog Posts
How Much Does the Government Spend on International Affairs?

Federal spending for international affairs, which supports American diplomacy and development aid, is a small portion of the U.S. budget.

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April 26, 2024
Infographics
The Fiscal Election: What’s at Stake in This Election?

The lawmakers we choose this November will face critical fiscal and economic decisions in the next two, four, and six years.

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April 26, 2024
Press Releases & Statements
Election 2024: Voters want Candidates Ready to Act on Fiscal Issues

“Today’s new survey shows that fiscal concerns are top of mind in this election, and they want leaders who are committed to solutions,” said Michael A. Peterson.

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April 25, 2024
Blog Posts
The Federal Government’s Support for Low-Income Housing Expanded during the Pandemic

The federal government spent $90 billion on housing assistance in 2021, an increase of almost 70 percent from the preceding year.

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April 23, 2024
Blog Posts
Spending on Veterans in the Budget

This piece examines spending on veterans within the budget and outlines the factors that have pushed it higher in recent years.

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April 23, 2024
Blog Posts
President Biden’s Budget Calls for Raising $4.3 Trillion in Revenues Over Ten Years — Here’s How

The President's budget includes a number of tax proposals that would increase revenues and reduce spending by $4.3 trillion over the next 10 years.

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April 22, 2024
Blog Posts
The United States Spends More on Defense than the Next 9 Countries Combined

Defense spending by the United States accounted for nearly 40 percent of military expenditures by countries around the world in 2023.

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April 22, 2024
Explainers
What Is the Child Tax Credit?

The child tax credit (CTC) is a measure administered though the tax code that is designed to make raising children more affordable by easing the financial burden faced by families.

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April 12, 2024
Blog Posts
How Much Funding do State and Local Governments Receive from the Federal Government?

Over the last four decades, federal grants to state and local governments have made up about 17 percent of their total revenues.

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April 11, 2024
Blog Posts
How Much Is the National Debt? What are the Different Measures Used?

There are three widely used measures of federal debt. What are the important differences between these measurements?

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April 9, 2024
Explainers
What Are Interest Costs on the National Debt?

Interest costs are on track to become the largest category of spending in the federal budget.

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April 4, 2024
Blog Posts
7 Key Facts About U.S. Healthcare Spending

Healthcare spending in the United States is a key driver of the nation’s fiscal imbalance and has risen notably over the past few decades.

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March 29, 2024
Press Releases & Statements
With Interest Growing Rapidly, US Fiscal Confidence Falls Again

“The national debt is already $34 trillion, but as it grows over the next three decades, we’ll spend more than double that on interest alone,” said Michael A. Peterson.

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March 28, 2024
Infographics
Spending on Prescription Drugs Has Been Growing Exponentially over the Past Few Decades

The growing cost of prescription drugs presents a significant challenge to the quality and affordability of healthcare in the United States.

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March 26, 2024
Blog Posts
How Does Government Healthcare Spending Differ From Private Insurance?

Healthcare spending is a critically important part of the American economy and the federal budget.

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March 25, 2024
Blog Posts
National Debt Could More than Double the Size of the Economy

GAO projects debt held by the public would more than double over the next 30 years.

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March 21, 2024
Explainers
10 Largest Budget Functions

Here are the top ten spending categories for the federal budget.

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March 21, 2024
Press Releases & Statements
Peterson Foundation Statement on CBO Long-Term Budget Outlook

“As Washington navigates short-term budget battles, our long-term fiscal outlook keeps getting more and more dangerous," said Michael A. Peterson.

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March 20, 2024
Blog Posts
The National Debt is Rising Unsustainably

Here are six key takeaways from CBO’s latest Long-Term Budget Outlook projections.

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March 20, 2024
Explainers
Budget Basics: What Is Sequestration?

Sequestration is a budget procedure used by lawmakers to cancel or limit funding in order to meet budget goals.

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March 14, 2024
Press Releases & Statements
Up to Us: 12th Annual Competition Winners

Up to Us is a nationwide college campus competition for students to build a movement to raise awareness and engagement on America’s long-term fiscal and economic challenges.

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March 13, 2024
Blog Posts
“Even Under Optimistic Economic Scenarios, Debt Will Soon Reach Levels Well Above Historical Experience," Economist Warns

Karen Dynan explores the implications of the federal debt burden and the degree of change required to stabilize the national debt.

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March 13, 2024
Blog Posts
President’s Budget Would Reduce Deficits by Raising Taxes on the Wealthy and Corporations

While this budget would be a step in the right direction, it does not adequately address the underlying structural imbalance that defines our fiscal outlook.

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March 11, 2024
Press Releases & Statements
Peterson Foundation Statement on President’s Budget

“We need our leaders to rise to the urgency of the moment, but legislative gridlock continues to prevent progress on even the basics of budgeting," said Michael A. Peterson.

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March 11, 2024
Blog Posts
6 Key Charts on Tax Breaks

The United States lost an estimated $1.8 trillion in revenues through tax expenditures in 2023.

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March 7, 2024
Blog Posts
Delaying Fiscal Reform is Costly, Annual Treasury Report Warns

The Treasury projects that debt as a percentage of GDP will grow to more than five times the size of the U.S. economy in the next 75 years.

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March 7, 2024
Blog Posts
The Next Fiscal Cliff: Big Tax Decisions to Make in 2025

In 2017, Congress and the President enacted the Tax Cuts and Jobs Act (TCJA), which made significant changes to the tax code for individuals and corporations.

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March 4, 2024
Infographics
Infographic: U.S. Healthcare Spending

Improving our healthcare system to deliver better quality care at lower cost is critically important to our nation’s long-term economic and fiscal well-being.

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March 1, 2024
Press Releases & Statements
U.S. Fiscal Confidence Dips as Lawmakers Face Shutdown Deadlines, and Interest Costs Surge

“Earlier this month, the Congressional Budget Office released new data showing that interest costs in 2024 will total a staggering $870 billion, a jump of 32 percent and more than $2 billion per day,” said Michael A. Peterson.

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February 29, 2024
Blog Posts
Lessons Learned: Setting a Bipartisan Fiscal Commission Up for Success

A group of respected policy experts share their views on how a bipartisan fiscal commission could help break the cycle of governing by crisis.

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February 27, 2024
Explainers
The Highway Trust Fund Explained

Although the need for serious, long-term changes to the funding structure of the Highway Trust Fund is clear, there is disagreement over the approach to do so.

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February 22, 2024
Explainers
What Is the Earned Income Tax Credit?

The earned income tax credit (EITC) is a measure administered through the tax code to address poverty.

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February 21, 2024
Blog Posts
Debt vs. Deficits: What's the Difference?

The words debt and deficit come up frequently in debates about the policy decisions that lawmakers face. The two concepts are similar, but are often confused.

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February 15, 2024
Blog Posts
What is the Primary Deficit?

The primary deficit focuses on the difference between government revenues and spending, excluding interest payments. Learn more about the U.S. primary deficit.

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February 14, 2024
Press Releases & Statements
Peterson Foundation Statement on New CBO Report

"Today’s CBO projections are the latest loud and clear warning about America’s unsustainable national debt," said Michael A. Peterson.

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February 7, 2024
Blog Posts
Fed Chair Powell: It’s Past Time to Address our National Debt

Federal Reserve Chair Jerome Powell, speaking in an interview, said that now is the time to start addressing our $34 trillion and rising national debt.

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February 5, 2024
Explainers
How Do States Pay for Medicaid?

Medicaid’s role in state budgets is unique, since the program acts as both an expenditure and the largest source of federal support in state budgets.

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February 5, 2024
Blog Posts
92% of Voters More Likely to Support Candidates Backing a Fiscal Commission

Significant majorities of voters across party lines agree that a commission would strengthen Social Security, lower borrowing costs, and improve our economic outlook.

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January 25, 2024
Blog Posts
Investing in Kids Promotes Healthy Children, More Productive Adults, and a Stronger Fiscal Foundation

Federal programs that invest in children are not only critical to the health and well-being of the youngest Americans, but they can also provide long-term benefits to the nation’s economy.

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January 25, 2024
Press Releases & Statements
As Fiscal Confidence Index Remains Low, New Polling Shows Overwhelming Bipartisan Support for Fiscal Commission

“As the 2024 campaign heats up, voters are calling on candidates to show leadership by backing a fiscal commission to address our unsustainable national debt,” said Michael A. Peterson.

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January 25, 2024
Blog Posts
How Would the Tax Relief for American Families and Workers Act Change Federal Tax Law?

The Tax Relief for American Families and Workers Act is estimated to cost about $400 million over 10 years.

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January 24, 2024
Press Releases & Statements
Peterson Foundation Statement on Fiscal Commission Bill Passing House Budget Committee

"Committee passage of the Fiscal Commission Act is an important step toward a comprehensive approach to stabilizing our rapidly growing national debt," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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January 18, 2024
Blog Posts
What Is the SALT Cap?

The deduction of state and local tax payments (known as SALT) from federal income taxes has been a subject of debate among economists and policymakers over the past few years — with significant implications for our budget and fiscal outlook.

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January 12, 2024
Blog Posts
Growing Momentum for a Fiscal Commission in Congress

A fiscal commission would provide the space and structure for lawmakers to comprehensively review the entire budget and improve the fiscal path of the U.S.

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January 9, 2024
Blog Posts
5 Facts About Rising Income Inequality in the United States

Average income among households in the lowest fifth of the income distribution was $21,900, while income for households in the highest fifth averaged $357,800.

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January 5, 2024
Press Releases & Statements
As New Year Begins, 8 in 10 Voters Call on Washington to Prioritize Reducing National Debt

“Sadly, we rung in the new year reaching a new record milestone of $34 trillion in national debt,” said Michael A. Peterson.

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January 5, 2024
Explainers
Budget Basics: Tax Expenditures

Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.

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January 4, 2024
Blog Posts
Moody’s Lowers U.S. Credit Rating to Negative, Citing Large Federal Deficits

On November 10, 2023, Moody’s Investors Service lowered its outlook on the United States’ credit rating from “stable” to “negative.”

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January 3, 2024
Blog Posts
Why Are Americans Paying More for Healthcare?

High healthcare spending is not necessarily a bad thing, especially if it leads to better health outcomes. However, that is not the case in the United States.

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January 3, 2024
Press Releases & Statements
Peterson Foundation Statement on National Debt Surpassing $34 Trillion

"We are beginning a new year, but our national debt remains on the same damaging and unsustainable path," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.

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January 2, 2024
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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.