Medicare is the second-largest program in the federal budget, behind only Social Security. In fiscal year 2025, it cost $997 billion—roughly 14% of all federal spending. Although both programs primarily serve older Americans, Medicare is growing faster than Social Security…
Social Security is the largest single program in the federal budget, costing $1.6 trillion in fiscal year 2025—about 22% of total federal spending. Because of its scale, Social Security plays a major role in shaping the nation’s fiscal outlook. However,…
The federal debt has ballooned over the past two decades, with deficits growing year after year and little to stop them. Between 2010 and 2024 alone, the national debt surged by nearly $22 trillion. Despite repeated warnings from economists and…
Emergency spending plays a unique role in the federal budget process. It allows Congress to respond quickly to urgent, unforeseen events—such as natural disasters, military conflicts, serious economic downturns such as the Great Recession, or public health emergencies such as…
A 3% Deficit Target: A First Step in Stabilizing the National Debt A growing number of fiscal experts and policymakers—including Treasury Secretary Scott Bessent and financier Ray Dalio—are coalescing around the idea that reducing the federal deficit to 3% of…
In the wake of mounting national debt, rising interest costs, and looming trust fund insolvencies, Congress has a rare opportunity to strengthen America’s fiscal resilience before the next crisis hits. The bipartisan Fiscal Contingency Preparedness Act (S. 2492 and H.R.…
As the September 30 deadline approaches, Congress once again finds itself racing against the clock to fund the federal government. If lawmakers fail to pass the necessary appropriations bills or agree on a temporary funding measure—known as a continuing resolution—the…
America’s $37 trillion national debt is no longer a distant concern—it’s a clear and present danger. Interest payments alone now eclipse what we spend on national defense, devouring nearly 20% of every tax dollar. This debt load is choking our…
Every year, Congress is legally required to pass a budget to fund the federal government. That means approving 12 separate appropriations bills before the fiscal year begins on October 1. While these bills make up an increasingly small fraction of…
On Thursday evening, the Trump administration’s budget office notified Congress that it is cancelling $4.9 billion in foreign aid funding through a so-called "pocket rescission” – a controversial maneuver that the Government Accountability Office (GAO) has indicated is illegal. This…
As Congress works through the annual appropriations process for Fiscal Year 2026, the pace and priorities are beginning to take shape—though progress remains uneven across both chambers. Both chambers’ Appropriations Committees create their own version of each bill, laying out…
As Social Security marks its 90th anniversary, a transformative decision about its basic character and financing is being made in silence without deliberation by elected officials or the American people. That decision is whether the program should remain self-financed –…
