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Federal deficit

National Debt

Does Social Security increase the national debt? It depends on how you define “debt.”

by Nova Safo and Kimberly Adams
Jul 4, 2024
The program pays $1.5 trillion a year and aids 70 million Americans. But it has its own budget and by law can't create debt or widen deficits.
Almost 70 million Americans receive Social Security benefits and the program pays out about $1.5 trillion a year, as Marketplace's Kimberly Adams explains.
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National Debt

Why the U.S. budget deficit grew so much in the last year

by Sabri Ben-Achour and Alex Schroeder
Oct 23, 2023
No surprise: Inflation, higher interest rates and the pandemic all play a role.
Chip Somodevilla/Getty Images
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What would it take to balance the federal budget?

by Kai Ryssdal and Sarah Leeson
Feb 8, 2023
You need the courage to make cuts, the wisdom to negotiate and luck, says Linda Bilmes, who worked in the Clinton administration.
In the last half-century, only two presidents have balanced the federal budget: Lyndon Johnson and Bill Clinton, above with Vice President Al Gore.
Paul J. Richards/AFP via Getty Images
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About those tax cuts that are supposed to pay for themselves

by Kimberly Adams
Oct 18, 2018
There’s been a lot of talk lately about the budget deficit, which, at last count, is up 17 percent over last year. That’s what happens when the government spends $779 billion more than it collects in revenue, also known as taxes. Seems we’re paying the price for one of the biggest tax cuts in history, […]
Senate Majority Leader Sen. Mitch McConnell listens during a news briefing after a weekly Senate Republican policy luncheon Oct. 10, 2018. McConnell blames the budget deficit on social security and Medicare.  
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About those tax cuts that are supposed to pay for themselves

by Kimberly Adams
Oct 18, 2018
There’s been a lot of talk lately about the budget deficit, which, at last count, is up 17 percent over last year. That’s what happens when the government spends $779 billion more than it collects in revenue, also known as taxes. Seems we’re paying the price for one of the biggest tax cuts in history, […]
Senate Majority Leader Sen. Mitch McConnell listens during a news briefing after a weekly Senate Republican policy luncheon Oct. 10, 2018. McConnell blames the budget deficit on social security and Medicare.  
Alex Wong/Getty Images
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How much U.S. debt is too much?

by Tracey Samuelson
Oct 16, 2018
Balancing the federal budget is a bigger deal for politicians than economists.
The United States could simply make more money to pay its bills, said Stephanie Kelton, an economics professor at Stony Brook University. But taken to an extreme, that could lead to higher inflation.
Mark Wilson/Getty Images
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How much U.S. debt is too much?

by Tracey Samuelson
Oct 16, 2018
Balancing the federal budget is a bigger deal for politicians than economists.
The United States could simply make more money to pay its bills, said Stephanie Kelton, an economics professor at Stony Brook University. But taken to an extreme, that could lead to higher inflation.
Mark Wilson/Getty Images
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Federal deficit rises to six-year high following last year's tax cut

by Ben Bradford
Oct 16, 2018
The U.S. government is spending more and taking in less. The Treasury Department reported on Monday that the federal deficit has increased this past budget year to $779 billion, the largest deficit since 2012. The biggest culprit is last year’s Republican-backed tax overhaul, which cut tax rates for businesses and individuals. The tax law likely […]
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Federal deficit rises to six-year high following last year's tax cut

by Ben Bradford
Oct 16, 2018
The U.S. government is spending more and taking in less. The Treasury Department reported on Monday that the federal deficit has increased this past budget year to $779 billion, the largest deficit since 2012. The biggest culprit is last year’s Republican-backed tax overhaul, which cut tax rates for businesses and individuals. The tax law likely […]
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Numbers don't back up Trump on tariffs paying down debt

by Tracey Samuelson
Aug 6, 2018
President Donald Trump tweeted about the economy this weekend and made this claim: “Because of tariffs we will be able to start paying down large amounts of the $21 Trillion in debt.” He’s right about the size of the debt, but the power of tariffs to reduce it?  Click the audio player above to hear […]
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