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01 March 2024 / Report
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Copy LinkThe Debt Crisis is here – the US national debt, the amount of money that the Treasury has borrowed and not yet repaid to meet its spending obligations, recently reached a record $34.1 trillion. Government spending also exceeded government revenues by $1.7 trillion in Fiscal Year 2023. Combined with rising costs to service the national debt and the impending insolvency of the Social Security and Medicare trust funds over the next decade, the US faces a challenging fiscal outlook that will only continue to worsen absent immediate action from federal policymakers.
This explainer provides an overview of the national debt; historical, demographic, and economic trends that have influenced the debt’s growth; and the impact of the outsized levels of national debt on the Federal government and the economy, along with CED’s recommendations to address the Debt Crisis.
Senior Fellow for National Security & Managing Dir…
Council on Foreign Relations
Vice President, Public Policy
Committee for Economic Development, the public policy center of The Conference Board (CED)
Researcher and Writer, Fiscal Policy
Committee for Economic Development, the public policy center of The Conference Board (CED)
