The the Committee for a Responsible Federal Budget (CRFB) has blasted policymakers for abandoning “any semblance of fiscal responsibility,” as well as disregarding loose targeting, to keep the U.S. federal budget in a balanced order.
With the national debt now outgrowing the size of the U.S. economy, budget watchdog the CRFB has renewed its call for lawmakers to set a target of borrowing against economic growth.
A push to anchor deficits to 3% of GDP has garnered bipartisan support in recent years, with some policymakers suggesting even an agreed upon target is too loose—a mandate should be written into the constitution.
While budget hawks can throw down such gauntlets, the reality of moving the needle on the U.S. fiscal trajectory will take enormous effort. At the time of writing, the U.S. national debt sits just shy of $39 trillion, with the Treasury now forking out more than $1 trillion in interest payments every year.
https://fortune.com/2026/05/05/semblance-fiscal-responsibility-committee-responsible-federal-budget-target-deficit/
Posted by fortune
1 Comment
>cut deficit levels by half
Lol not going to happen. Neither party is willing to cut the big ticket items, both love spending, and one is refusing to raise taxes.
So we’re faced with the obvious solution to start moderate austerity (when the idiot orange clown should have started light austerity in 2016). Raising taxes and cutting spending moderately, instead of what Greece had to do, and both parties are like “nah, let’s just stumble into Greece, hopefully when my party is out of power.”