(The Center Square) – U.S. Treasury Secretary Scott Bessent pledged in two congressional hearings to cut the federal deficit to 3% of GDP, a target the government's own budget projections do not currently support.
(The Center Square) – More than half of the federal budget will go toward benefits for Americans 65 years and older by 2036, and that percentage is set to only grow, a recent congressional report finds.
(The Center Square) – The U.S. national debt is now larger than the entire American economy and is only set to keep growing, further exacerbating the affordability crisis and risking national security.
(The Center Square) – The U.S. government added $1.2 trillion to the national debt over the past six months, borrowing $163 billion during March alone, the Congressional Budget Office reports.
(The Center Square) – Some Republicans have recently introduced bipartisan legislation in the House and Senate aimed at addressing the federal deficit and ultimately reducing the federal debt, though opinions vary on whether Congress will make meaningful progress on the issue anytime soon.
(The Center Square) – The U.S. Treasury says the national debt is roughly $39 trillion, but a nonpartisan accounting group estimates that the true number is $170.3 trillion.
(The Center Square) – A report from the International Monetary Fund warns that U.S. debt is likely to remain elevated in the coming years, a risk for the U.S. and the global economy.
