Want a balanced federal budget? It'll cost you.

2024-12-25 23:40:56 source:lotradecoin availability category:Markets

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.

More:Markets

Recommend

Luigi Mangione Case: Why McDonald's Employee Who Reported Him Might Not Get $60,000 Reward 

The McDonald’s employee who relayed Luigi Mangione’s location will not be lovin’ this outcome. After

Jenna Ortega Is Joining Beetlejuice 2—and the Movie Is Coming Out Sooner Than You Think

You don't need to hear this news three times to believe it.A sequel to Beetlejuice will be summoned

Urgent Climate Action Required to Protect Tens of Thousands of Species Worldwide, New Research Shows

Humanity can powerfully improve the survival odds of tens of thousands of species, but only if natio