Fiscal Debt

What Would It Take For Congress To Bring The Federal Debt Down To Manageable Levels

What Would It Take For Congress To Bring The Federal Debt Down To Manageable Levels

Back in the presidential campaign, candidate Donald Trump promised to eliminate the national debt in eight years.  This goal was never plausible, even before Congress passed a tax cut that is expected to reduce federal revenues by more than $1 trillion over the next decade and before it agreed to $288 billion of new spending over just the next two years. Now, a new report by the Congressional Budget Office shows just how deep a fiscal hole we have dug, and gives some idea about what it would take to crawl out of it.