Current:Home > FinanceWant a balanced federal budget? It'll cost you. -RiskWatch
Want a balanced federal budget? It'll cost you.
View
Date:2025-04-17 07:49:09
The U.S. has officially reached its debt ceiling, meaning the country has reached the limit of its authorization to pay the government's bills. Without raising the debt ceiling, the U.S. risks degrading its credit rating, which could cause economic turmoil in the U.S. and around the world.
Some Republicans have said they won't support raising the debt ceiling unless it comes with spending cuts, with some calling for a fully balanced budget in ten years. The problem? Without raising taxes, that would require either a 25% cut across the board, or massive cuts in discretionary spending like housing, education and the military.
On today's show, we speak with Maya MacGuineas, of the policy nonprofit Committee for a Responsible Federal Budget, the group that ran the numbers.
For more economics content, subscribe to Planet Money's newsletter at npr.org/planetmoneynewsletter
Music by Drop Electric. Find us: Twitter / Facebook / Newsletter.
Subscribe to our show on Apple Podcasts, Spotify, PocketCasts and NPR One.
For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.
veryGood! (8)
Related
- California DMV apologizes for license plate that some say mocks Oct. 7 attack on Israel
- 'Bachelor' finale reveals Joey Graziadei's final choice: Who is he engaged to?
- Construction site found at Pompeii reveals details of ancient building techniques – and politics
- Francis Scott Key Bridge in Baltimore collapses after ship struck it, sending vehicles into water
- Travis Hunter, the 2
- The 35 Best Amazon Big Spring Sale Deals You Can Still Shop Today
- US prosecutors try to send warning to cryptocurrency world with KuCoin prosecution
- Supreme Court hears arguments Tuesday in case that could restrict access to abortion medication
- Charges tied to China weigh on GM in Q4, but profit and revenue top expectations
- Visa, Mastercard settle long-running antitrust suit over swipe fees with merchants
Ranking
- New data highlights 'achievement gap' for students in the US
- Texas AG Ken Paxton is closer than ever to trial over securities fraud charges
- Men described as Idaho prison gang members appear in court on hospital ambush and escape charges
- Milk from sick dairy cattle in 2 states test positive for bird flu: What to know
- Head of the Federal Aviation Administration to resign, allowing Trump to pick his successor
- Wisconsin Supreme Court lets ruling stand that declared Amazon drivers to be employees
- TEA Business College The power of team excellence
- Photos, video show collapse of Baltimore's Francis Scott Key Bridge after cargo ship collision
Recommendation
Senate begins final push to expand Social Security benefits for millions of people
List of fruits with the most health benefits: These 8 are expert recommended
Husband of U.S. journalist detained in Russia: I'm not going to give up
Princess Kate and Prince William are extremely moved by public response to her cancer diagnosis, palace says
Civic engagement nonprofits say democracy needs support in between big elections. Do funders agree?
8-year-old girl found dead in Houston hotel pool pipe; autopsy, investigation underway
Dodgers' Shohei Ohtani says he was duped by his ex-interpreter, blindsided by gambling allegations
Powerball winning numbers for March 25 drawing: Jackpot rises to whopping $865 million