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TaxVox: Federal debt

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The voices of Tax Policy Center's researchers and staff

US Capitol
Federal Budget and Economy

Defaulting On The Debt Could Be “Catastrophic” – Or Worse

May 11, 2023 –
Republican leaders in Congress have refused to raise the federal debt limit unless the Biden Administration agrees to major spending reductions to reduce the national...
photo of a small town shopping area
Federal Budget and Economy

If The US Avoids Default, You May Want To Thank Car Dealers, Real Estate Agents, and Local Bankers

May 9, 2023 –
If the country avoids breaching the debt limit in the next few months , you may not have Wall Street volatility to thank. Or even...
house speaker kevin mccarthy speaking at a rally
Federal Budget and Economy

How Congress Is Trying to Finesse The Debt Limit While Ignoring The Debt

April 27, 2023 –
You can see where this is going. As the US gets ever closer to hitting its borrowing limit sometime this summer, Congress is stumbling towards...
US Treasury building
Federal Budget and Economy

Playing Russian Roulette With The Federal Debt

December 13, 2022 –
Congress should eliminate the debt ceiling this year. It serves no useful purpose. It doesn’t contribute to fiscal discipline, and breaching it entails large, potentially,...
Federal Budget and Economy

CBO: The Government’s Era Of (Nearly) Free Money Is Over, At Least for Now

May 26, 2022 –
The federal government may once again have an opportunity to learn a painful lesson about the price of increasing debt and rising interest rates in...
Federal Budget and Economy

What Should the President Do When Debt Limit Inaction Forces Him To Violate The Law?

September 29, 2021 –
When Congress increases spending and cuts taxes then fails to extend the nation’s debt limit, it effectively orders the president to run deficits while prohibiting...
Federal Budget and Economy

Congress’s Debt Limit Problem Is Toddler Fiscal Policy

September 22, 2021 –
Partisan congressional squabbling over the nation’s debt limit once again threatens to shut down the federal government and perhaps trigger a worldwide financial crisis. The...
Federal Budget and Economy

Should We Worry About The Long-Term Federal Debt In An Era of Low Interest Rates?

December 7, 2020 –
For decades, conventional wisdom said that high levels of federal debt created a significant drag on the economy by diverting money that could more productively...
Federal Budget and Economy

Paul Volcker Taught Us How Tax And Monetary Policy Can Work Together To Enhance Growth

December 16, 2019 –
The recent passing of former Federal Reserve Chair Paul Volcker serves as an important reminder of his critical role in ending stagflation in the late...
Federal Budget and Economy

CBO Predicts Historic Levels of Debt By Mid-Century

June 25, 2019 –
CBO Predicts Historic Levels of Debt By Mid-Century If the US continues today’s patterns of taxes and spending, the national debt will almost triple as...
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Brief

The Tax Gap’s Many Shades of Gray (Brief)

  • Tax Professor Daniel Hemel
Daniel Hemel, Janet Holtzblatt, Steven M. Rosenthal
February 22, 2022

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  • Howard Gleckman
    Senior Fellow
  • Mark J. Mazur
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    Institute Fellow and Codirector, Tax Policy Center
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