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1 Will McBride, et al., How to Rein in the National Debt 1 (2023)

handle is hein.taxfoundation/hwtrnite0001 and id is 1 raw text is: *6TAX FOUNDATION How to Rein in the National Debt Will McBride Vice President of Federal Tax Policy Erica York Senior Economist, Research Manager Alex Durante Economist September 2023 Key Findings • The federal government's debt is $33 trillion and rising; budget deficits are projected to grow substan- tially over the next decade, reaching $2.7 trillion in 2033, or 6.4 percent of gross domestic product (GDP). • Debt held by the public will rise steadily from 97 percent of GDP in 2022 to 115 percent in 2033-the highest level on record. • Now is the time for lawmakers to focus on long-term fiscal sustainability, as further delay will only make an eventual fiscal reckoning that much harder and more painful. Congressional leaders should follow through on convening a fiscal commission to deal with the long-term budgetary challenges facing the country. • International experiences of successful debt reductions suggest gradual, spending-focused policies. Any serious debt reduction effort must acknowledge the need to rein in the largest mandatory spend- ing programs, Social Security and Medicare, which constitute a growing share of the budget and are the primary drivers of long-run deficits. • If lawmakers consider tax increases in a debt reduction effort, they should focus on less distortionary taxes, such as consumption taxes, or tax reforms that rationalize tax expenditures and broaden the tax base. The Tax Foundation is the world's leading nonpartisan tax policy 501 (c)(3) nonprofit. For over 80 years, our mission has remained the same: to improve lives through tax policies that lead to greater economic growth and opportunity. TAX FOUNDATION 1325 G STREET, NW, SUITE 950, WASHINGTON, DC 20005 202-464-6200 1 taxfoundation.org

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