In what has become a predictable cycle, policymakers meet under pressure to raise the “debt ceiling,” the legal limit on the amount of debt the federal government can accumulate. In spite of the frequency with which this situation occurs, discussion around the debt ceiling is often shrouded in confusion.
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Decisions on government spending and taxation have a direct impact on the economy. Yet fiscal policy is inherently political. Past proposals to create a board— like the Federal Reserve Board — for fiscal policy, that would be comprised of experts
...In this video, William G. Gale of The Brookings Institution, and EconoFact co-founder Michael Klein discuss the distributional effects of fiscal policy and the progressivity of the US tax system.
The combination of tax and spending policies in the United States is progressive - but less so than in major European...
Over the next ten years, the United States is on course for routine trillion-dollar annual deficits in the federal budget and the highest debt-to-GDP ratio in its history. Beyond the next decade, large and rising projected annual deficits will push the national debt steadily upwards, reaching almost
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