Budget, Debt, and Deficits | Council on Foreign Relations

U.S. Foreign Policy

Mitch McConnell's Foreign Policy Wisdom

Sen. Mitch McConnell has an important new article in Foreign Affairs (January-February 2025 issue) entitled “The Price of American Retreat: Why Washington Must Reject Isolationism and Embrace Primacy.”

Post by Elliott Abrams December 16, 2024 Pressure Points
Budget, Debt, and Deficits

Who’s Afraid of the National Debt?

The United States national debt is rising to levels not seen since World War II. Many economists say Washington is on an unsustainable track, but no one knows when it will pass the point of crisis. What is at risk if U.S. debt continues to grow?

Podcast with Gabrielle Sierra , Roger W. Ferguson Jr. and Maya MacGuineas October 2, 2024 Why It Matters
Monetary Policy

What Is the U.S. Federal Reserve?

Over the past decade, the Fed kept interest rates low while it deployed trillions of dollars in stimulus and expanded its regulatory oversight. Now, the central bank is back in the spotlight for its battle against inflation.

Backgrounder by James McBride , Anshu Siripurapu and Noah Berman August 15, 2024 Renewing America

Olympics

The Economics of Hosting the Olympic Games

The costs of hosting the Olympics have skyrocketed, while the economic benefits are far from clear. The 2024 Paris Olympics could be a test of whether reforms to the process have made hosting a better deal.

Backgrounder by James McBride , Noah Berman and Melissa Manno July 20, 2024
Economics

For the First Time, the U.S. Is Spending More on Debt Interest than Defense

Post by Benn Steil and Elisabeth Harding May 23, 2024 Greenberg Center for Geoeconomic Studies
Budget, Debt, and Deficits

The U.S. National Debt Dilemma

After years of steadily increasing debt, federal spending has skyrocketed, taking U.S. debt to levels not seen since World War II.

Backgrounder by James McBride , Noah Berman and Anshu Siripurapu December 4, 2023 Renewing America

Climate Change

Defunding Climate Action: What’s at Stake in GOP Cuts to International Aid

Under Republican leadership, the House of Representatives is doubling down on their efforts to slash U.S. funding for gender equality initiatives—and climate justice hangs in the balance.

Post by Latanya Mapp Frett November 23, 2023 Women Around the World
United States

The Future of Dollar Hegemony

The United States has benefited from the dollar’s dominance of global markets for decades. Washington should be wary of squandering those benefits through political infighting and reckless policymaking.

Post by Upamanyu Lahiri August 22, 2023 Renewing America
Kenya

Kenya’s Governance Dilemma

With no clear end in sight for Kenya’s cost of living crisis, the Ruto administration will struggle to promote calm while managing expectations.

Post by Michelle Gavin August 22, 2023 Africa in Transition
United States

Two Takes on U.S. Debt and the Debt Ceiling

Economists Benn Steil and Glenn Hubbard give their respective takes on the debt ceiling and the United States' national debt.

Post by Benn Steil and Glenn Hubbard July 12, 2023 Renewing America
United States

What Happens When the U.S. Hits Its Debt Ceiling?

U.S. lawmakers have increasingly used the debt ceiling to re-litigate congressional spending, risking default and sparking debate over whether to abolish the ceiling.

Backgrounder by Noah Berman June 27, 2023 Renewing America
United States

The U.S. Has Every Reason It Needs to Drop the Debt Ceiling—Both at Home and Abroad

For other countries that scramble to find resources to repay their debts, it is inconceivable that the United States, which borrows in its own currency at low rates from investors around the world—voluntarily chooses not to pay.

Post by Brad W. Setser June 8, 2023 Renewing America
Economics

Robert B. Menschel Economics Symposium: Economic Decision-Making During Times of Uncertainty

Inflation, the possibility of a recession, concerns in the banking industry, and implications of geopolitical conflicts, among other factors, contribute to a growing sense of economic insecurity. The 2023 Robert B. Menschel Economics Symposium discusses economic decision-making and how individuals, corporations, and governments weigh risks during times of economic instability. A full symposium agenda is available here. KEYNOTE SPEAKER Robert E. Rubin, Author, The Yellow Pad: Making Better Decisions in an Uncertain World; Chairman Emeritus, Council on Foreign Relations; Former U.S. Treasury Secretary (1995–99) The Robert B. Menschel Economics Symposium, presented by the Maurice R. Greenberg Center for Geoeconomic Studies, generates critical thinking about the consequences of herd mentality behavior in global economics. This symposium was established in 2014 and was made possible through a generous endowment gift from Robert B. Menschel while a senior director at Goldman Sachs. Since Menschel’s death in 2022, the symposium continues in his honor and memory.

Virtual Event by Şebnem Kalemli-Özcan, Michaela Pagel, Robert E. Rubin , Jason Schloetzer, Bianna Golodryga and Ali Velshi June 6, 2023 Robert B. Menschel Economics Symposium
United States

Out of the Debt Ceiling Fire, But Still in the Frying Pan

Now that Congress voted to pass a bill based on the Biden-McCarthy compromise, an immediate debt ceiling crisis appears to have been averted. Still, a much larger debt problem awaits.

Post by Christopher M. Tuttle June 2, 2023 Renewing America
Nigeria

Turkey’s Runoff Election, Debt Ceiling Dangers, Nigeria’s Tinubu Inaugurated as President, and More

President Recep Tayyip Erdoğan and his opponent Kemal Kılıçdaroğlu face off in Turkey’s runoff election; U.S. government leaders contend with a looming deadline to avoid a disastrous default; president-elect Bola Tinubu is sworn in as Nigeria contends with an economic crisis; Evan Gershkovich’s pre-trial detention is extended; and Sudan struggles to find a lasting solution to the conflict between the military and a paramilitary group, exacerbating its humanitarian crisis.

Podcast with Robert McMahon and Carla Anne Robbins May 25, 2023 The World Next Week