Recently released government projections estimate the national debt will grow by $21.2 trillion over the next 10 years – a 78% increase raising the debt to more than $48 trillion. As bad as that sounds, the Committee for a Responsible Federal Budget, a bipartisan group that advocates for fiscal restraint, would like you to know the news could have been worse.
Our Congress has two faces: We saw the authoritarian one during the rancorous vote for House Speaker, while the other is seen in an op-ed that lauds the bipartisan collaboration that produced over 200 recommendations for making Congress work more efficiently. As we brace for another game of chicken over the debt ceiling, it’s clear which face is doing the talking.
2022 ended with sighs of relief and celebrations that the red wave didn’t happen, that voters rejected efforts to codify strict anti-abortion laws, that the budget deficit was cut in half, and that there was some bipartisan support for climate change action and improved access to healthcare. All good, but there is still work to be done.
The next vote on paying the nation’s bills will be after the ’22 election, creating an opening for a campaign about the country’s soaring national debt – and discussion about how to depoliticize the borrowing cap that funds it.
While fueling progress on climate change, access to healthcare, and income inequality, the Biden plan would add to record debt. If it passes, how will voters make responsible budgeting an issue next year?
President Biden’s proposal to add three new benefits ignores concerns over looming Medicare insolvency and our historically high national debt.
When we interviewed Maya MacGuineas earlier this year, she made her case for real policy debate by putting serious ideas on the table and challenging others to do the same. We couldn't include them all in our profile of her, so we decided to excerpt some of her comments here.
Raising the debt ceiling will make Congress confront past spending decisions, but puts no limits on future spending despite claims by some congressional leaders.
President Biden has decisively answered one of the most critical early questions of his administration, making plain that increased public investment in response to the pandemic-induced economic crisis will be his priority rather than curbing the growth of the national debt.
The national debt has returned to the spotlight thanks to rising NBA star Spencer Dinwiddie and the COVID Money Tracker, an accountability tool from the Committee for a Responsible Federal Budget.