Growing The Debt

The federal budget deficit shot up to $1.1 trillion in the first six months of fiscal year 2023, according to an analysis by the Congressional Budget Office.

The House Ways and Means Committee will consider a bill on Thursday that would prioritize federal spending if the U.S. hits the debt ceiling later this year.

CBO Director Phillip Swagel said that once Social Security's trust fund becomes exhausted in 2032, benefits would automatically be cut by 25% unless Congress acts.

People in Austin, Texas, identified what they believed to be the most pressing issues facing America currently, with over half of people pointing to the economy

The CBO projects that the cost of servicing the national debt will more than double over the next decade to over $1.4 trillion in interest payments in FY2033.

The Bipartisan Policy Center said that the "X date" on which the debt limit will need to be raised to avoid default will arrive this summer or early fall, depending on tax revenue.

The CBO released its annual budget and economic outlook which projects that the U.S. national debt will grow by about $20 trillion over the next 10 years.

President Joe Biden on Wednesday said defaulting on the national debt -- as advocated by some Republican lawmakers -- would lead to "chaos."

Capitol Hill Republicans voiced their displeasure with Democratic spending levels as House Speaker Kevin McCarthy met with President Biden over raising the debt ceiling.

House Democrats are blaming former President Donald Trump for the rising national debt and trillion-dollar budget deficits two years after Trump left office and Democrats assumed control of Congress.

Balancing the federal budget would require significant spending cuts without tax increases and even additional tax revenue may not close the deficit, based on a CRFB report.

The bipartisan TRUST Act would establish rescue committees that propose financial fixes for endangered trust funds that feed Social Security, Medicare, and highway projects.

The U.S. officially hit its debt ceiling of $31.38 trillion Thursday, which prompted the Treasury Department to use "extraordinary measures" to avoid defaulting on the national debt.

Republican lawmakers are offering proposals to add a balanced budget amendment to the Constitution as the U.S. is poised to hit its debt ceiling Thursday.

Democrats and Republicans in Congress are set to debate spending and the national debt as the federal government faces a looming deadline to raise the debt limit.

With the U.S. on track to hit the debt ceiling limit next week, Treasury Secretary Janet Yellen warns 'extraordinary measures' will be taken to navigate the crisis.

FOX Business host Larry Kudlow breaks down the U.S. debt ceiling and reveals how the House GOP can revive the economy by proposing a budget resolution on "Kudlow."

The federal government is expected to reach its debt limit in the next few weeks which will prompt the Treasury to take extraordinary measures to stave off default.

Jamie Dimon said that Republicans and Democrats should address the debt ceiling now rather than risk a showdown later as they continue working to avoid a government shutdown.

The federal government will soon hit the debt ceiling, which means no additional borrowing can take place. Measures will be needed to make sure the ceiling is not breached.