federal debt

Fitch cut the United States' rating by one notch, moving it from the previous top-rated AAA to AA+, just two months after the government avoided a devastating default.

The U.S. loses its top AAA rating from Fitch over worries about the nation's finances

8:58pm August 01, 2023

Fitch cut the federal government's top rating, citing rising deficits and a steady deterioration in governance over the last two decades. The action drew a sharp rebuke from the Biden administration.

The U.S. budget deficit ballooned in the first nine months of its fiscal year, both because of a sharp increase in government spending and a significant drop in tax revenues.

The federal deficit nearly tripled, raising concern about the country's finances

5:59pm July 13, 2023

by Scott Horsley

The federal government's budget gap widened significantly in the first nine months of the fiscal year, as tax receipts slumped and spending increased.

Treasury Secretary Janet Yellen listens during an open session of the Financial Stability Oversight Council meeting at the Department of the Treasury in Washington, D.C., on April 21, 2023. Yellen said on Friday Congress would need to raise the debt ceiling by June 5 or the country could run out of cash to pay its bills.

Yellen sets new deadline for Congress to raise the debt ceiling: June 5

5:49pm May 26, 2023

by Scott Horsley

Treasury Secretary Janet Yellen says unless lawmakers raise the debt ceiling by June 5, the government won't have enough money to pay all of its bills.

House Speaker Kevin McCarthy speaks to members of the media at the U.S. Capitol in Washington, D.C., on May 24, 2023. The U.S. government will soon run out of cash to pay its bills unless it can raise or suspend its debt ceiling.

5 things people get wrong about the debt ceiling saga

10:55am May 25, 2023

by Scott Horsley

Did spending by President Biden and the Democrats rack up the country's debt? Is a default the same as a government shutdown? Here are answers to things people often get wrong about the debt ceiling.

Queue Listen Now

Treasury Secretary Janet Yellen, seen here on April 13, warned on Monday that the federal government could default on its debt as early as June 1 unless Congress raises or suspends the debt ceiling.

The U.S. could run out of cash to pay its bills by June 1, Yellen warns Congress

7:29pm May 01, 2023

by Scott Horsley

Treasury Secretary Janet Yellen warned lawmakers that unless the debt ceiling is raised soon, the federal government may not have enough money to pay its bills as early as June 1.

Sheets of one-dollar bills run through the printing press at the Bureau of Engraving and Printing in 2015 in Washington, D.C. Congressional forecasters projected the federal deficit this fiscal year will hit its highest since World War II.

Federal Budget Deficit Expected To Hit Second Largest Since World War II

2:55pm February 11, 2021

by Scott Horsley

Congressional forecasters expect the federal deficit will hit the second largest in decades, even without factoring in President Biden's proposed $1.9 trillion coronavirus relief plan.

Sheets of $1 bills run through the printing press in 2015 at the U.S. Bureau of Engraving and Printing in Washington, D.C. National debt is expected to reach an all-time high of 107% of gross domestic product in 2023.

Economy

U.S. To Owe More Than The Size Of Its Economy For The 1st Time In 75 Years

6:31pm September 02, 2020

by Scott Horsley

Congressional forecasters expect the federal deficit to reach $3.3 trillion during the current fiscal year. By 2023, government debt will reach an all-time high of 107% of GDP.

Treasury Secretary Steven Mnuchin speaks about the coronavirus at the White House on March 25. The Treasury said Monday it expects to borrow nearly $3 trillion in the April-June quarter.

Politics & Government

U.S. Treasury To Borrow $3 Trillion In 3 Months To Pay For Pandemic

6:04pm May 04, 2020

by Scott Horsley

In a single quarter, the government will borrow more than twice as much as it did all of last year, as the cost of the coronavirus pandemic dwarfs previous deficits.

The economic rescue package just passed by Congress will push this year's budget deficit above $3 trillion.

The U.S. Was Already Deep In Debt. This Year's Deficit Will Be 'Mind-Boggling'

8:11pm March 30, 2020

by Jim Zarroli

The economic rescue package just passed by Congress will push this year's budget deficit above $3 trillion. Such huge levels of deficit spending used to set off alarm bells in Washington, but no more.

Queue Listen Now

When the federal government spends more than it collects in taxes, which it does most years, it has to borrow money to make up the difference. That gap is the federal deficit, which is expected to top $1 trillion in 2019.

Politics & Government

Know Your Washington Buzzwords

7:00am December 01, 2018

by Scott Horsley

Deficit? Debt? Shutdown? Debt ceiling? NPR offers a guide to some of the political and economic terms you're likely to hear.