The Debt

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...
Trump: ‘Boneheads’ at the Fed Should Drop Interest Rates to Zero, or Lower

By Michael Rainey

President Trump blasted the “boneheads” at the Federal Reserve Wednesday for failing to reduce interest rates to zero or below. “The Federal Reserve should get our interest rates down to ZERO, or...
Trump Gets a Fiscally Focused Challenger

By Michael Rainey

Mark Sanford announced Sunday that he is running for president, becoming the third Republican to challenge President Trump for the nomination in 2020. The former South Carolina congressman said he...
As Debt Costs Rise, Governments Turn to Health Care for Savings

By Michael Rainey

High levels of government debt spur governments to rein in health care costs, according to a new report from economists at Goldman Sachs. And efforts to reduce health care inflation may help explain...
Chart of the Day: Comparing Debt Costs

By The Fiscal Times Staff

The U.S. stands out from other developed countries when it comes to the cost of its government debt. Bloomberg’s Justin Fox says that the interest burden of government debt is both larger in the U.S...

Should the US Issue 100-Year Bonds?

By Michael Rainey

Treasury Secretary Steven Mnuchin said Wednesday that the U.S. is considering issuing ultra-long U.S. bonds – debt in 50- or 100-year durations. “If the conditions are right, then I would anticipate...
Is a Big Jump in Federal Spending Now Inevitable?

By Michael Rainey

A group of influential investors and policy wonks says that a major expansion of government spending appears all but inevitable in the next few years. Barry Ritholtz, a Bloomberg columnist who runs...
Budget Watchdog Pitches Plan to Fight the Next Recession Without Increasing the Debt

By Yuval Rosenberg

Sooner or later, the United States will enter another recession. As we told you last week, when that time comes, the focus will be on fiscal policy and how or whether policymakers step up to boost...
Will Fiscal Policy Be There When the Economy Needs It Most?

By Yuval Rosenberg

Central bankers around the world are looking for help. The New York Times’s Jeanna Smialek reports : “As top economists from around the globe gather for their annual conference at Jackson Hole this...
The American Public Has a Plan to Cut the Deficit: Higher Taxes

By Yuval Rosenberg

As evidenced by the CBO numbers above, lawmakers may be placing little importance on the rising deficit, but the American public apparently takes a different view. Writing at The Washington Post’s...