Tax Policy Center

Debt Limit

Federal Budget and Economy: TaxVox
There is a lot less than meets the eye to the budget deal agreed to last night by outgoing House Speaker John Boehner and the White House. The plan’s proposed new spending is real enough, but many of the spending reductions or new revenues in the plan are wishful thinking at best. Overall, the
October 27, 2015Howard Gleckman
: TaxVox
The House may have a bipartisan transportation bill. The measure would authorize highway spending for another six years. But while it sets $325 billion in infrastructure spending over six years, it guarantees only the first three years of funding. The last three years? Congress would have to “
October 19, 2015Renu Zaretsky
Federal Budget and Economy: TaxVox
In less than a month—and in perhaps as little as 18 days-- the federal government will be unable to pay its bills. Realistically, there is only one way to avoid such a fiscal mess: Congress must raise the federal debt limit so Treasury can borrow more money. But how will that happen? On one hand,
October 15, 2015Howard Gleckman
: TaxVox
Out today: A first look at GOP budgets. The US hit its debt limit yesterday (at least technically), and the budget battles have begun. The Senate GOP budget resolution reportedly won’t include detailed plans to overhaul entitlement programs—though the House GOP plan may. The Senate Budget panel
March 17, 2015Renu Zaretsky
Federal Budget and Economy: TaxVox
Congress’s latest flirtation with debt-limit default caused barely a ripple in the financial markets. Rates on short-term Treasuries spiked in early October, before quickly subsiding to more normal levels. The spread between one- and three-year Treasuries temporarily widened, but quickly fell back
December 3, 2013Benjamin H. Harris
Federal Budget and Economy: TaxVox
For those of you keeping score, the Congressional Budget Office now figures the next showdown over the nation’s debt limit will occur in March, or maybe as late as May or early June. That means up to six more months of fiscal uncertainty, unless Congress decides to kick the can further down the
November 21, 2013Howard Gleckman
Individual Taxes: TaxVox
Congressional negotiators are trying to craft a budget deal by mid-December. Fareed Zakaria’s Global Public Square asked twelve experts what they hoped that deal would include. My suggestion: it’s time to fix the budget process: Odds are slim that the budget conference will deliver anything big on
November 4, 2013Donald Marron
Federal Budget and Economy: TaxVox
In the aftermath of the recent government shutdown and the painful negotiations that brought the country perilously close to defaulting on government debt, policy experts are searching for a way to avoid a replay of this crisis. After all, the recent congressional agreement only delays the next
October 23, 2013William G. Gale
Federal Budget and Economy: TaxVox
The conventional wisdom is that next January, Congress and President Obama will be in exactly the same place they’ve been for most of the past three weeks—deep in government shutdown mode. The argument: The recent fiscal battles that ended with last night’s short-term deal to reopen the government
October 17, 2013Howard Gleckman
Federal Budget and Economy: TaxVox
You’ve probably heard that Treasury will hit the debt limit on October 17 and soon thereafter it won’t be able to pay all of America’s bills. That second part is true: Congress needs to act soon—preferably before the 17 th —so Treasury doesn’t miss any payments. But the first part isn’t: Treasury
October 11, 2013Donald Marron