Senior Fellow, Economic Policy
Failure to increase the debt ceiling would have a catastrophic impact on the economy and federal programs.
Proposals to prioritize certain payments in lieu of increasing the debt ceiling would increase, not decrease, the federal government’s risk of default.
Contrary to critics’ claims, the Inflation Reduction Act would only increase taxes for large corporations and the wealthy while providing meaningful benefits for middle-income families across the country.
The Inflation Reduction Act would solve mismatches between supply and demand at work in the U.S. economy, reducing inflation and strengthening the country’s long-term economic outlook.
Treasury economists’ estimate that modernizing the IRS will net $400 billion in new revenue will not be reflected in official Congressional Budget Office scores of the bill, but the savings are real and could be even greater.
President Trump’s tax bill did not reform the tax code, has not benefited American workers, and increased the deficit by $1.9 trillion.
President Trump’s combination of tax cuts, hawkish monetary policy, and financial deregulation will cause the U.S. dollar and trade deficit to rise.
The Congressional Budget Office’s most recent budget projections show that the United States has made astounding progress toward reducing the federal budget deficit.
Spending on a raft of key federal programs from airport security to health care research under the “non-defense discretionary” budget banner will dip to all-time lows under the Budget Control Act.
Before Congress sacrifices needed public investments or puts programs that serve middle-class families at risk in the name of deficit reduction, it should ensure that the estate tax is actually paid by the few wealthy estates still subject to it.
Reducing or reforming certain tax breaks for high-income individuals and corporations could raise $1 trillion in revenue over 10 years.
Facing three potential fiscal crises in the next 10 weeks, House Republicans and the president would do well to look back at the 1995 government shutdown for compromise ideas and lessons learned.
Climate action that meets the crisis’s urgency, creates good-quality jobs, benefits disadvantaged communities, and restores U.S. credibility on the global stage.
Democracy is under attack at home and abroad. We must act to ensure it is accessible to all, accountable, and can serve as a force of good.
Economic growth must be built on the foundation of a strong and secure middle class so that all Americans benefit from growth.