The Debt

Rethinking the Debt Threat: House Panel to Hold Hearing Next Week

By Yuval Rosenberg

The House Budget Committee will hold a hearing next week examining the costs and consequences of federal debt, with four prominent economists slated to testify. Ahead of the hearing, Democratic...
Cost of Wars Since 9/11: $6.4 Trillion and Rising

By Michael Rainey

The total cost of the wars fought since 9/11 is approaching $6.4 trillion, according to an annual report published Wednesday by the Watson Institute for International and Public Affairs at Brown...
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...

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

By Yuval Rosenberg

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...
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...
Republicans Defy Trump as House Passes Two-Year Budget Deal

By Yuval Rosenberg

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...