146-667: Bowles–Simpson Commission 2007–2008 financial crisis 2013 budget sequestration Related events The national debt of the United States is the total national debt owed by the federal government of the United States to Treasury security holders. The national debt at any point in time is the face value of the then-outstanding Treasury securities that have been issued by the Treasury and other federal agencies . The terms "national deficit" and "national surplus" usually refer to
292-404: A Tea Party supporter, stated that the proposed changes to entitlement spending should take effect sooner instead of in future decades but praised the proposal for also having "some good ideas". The Concord Coalition , a non-profit and non-partisan anti-deficit activist group, applauded the report and labeled it a "promising start." The final plan, released on December 1, 2010, aimed to reduce
438-451: A cash rather than an accrual basis, although the accrual basis may provide more information on the longer-term implications of the government's annual operations. The United States public debt is often expressed as a ratio of public debt to GDP. The ratio of debt to GDP may decrease as a result of a government surplus as well as from growth of GDP and inflation. Under normal accounting rules, fully owned companies would be consolidated into
584-410: A metonym for the federal government. The United States government is based on the principles of federalism and republicanism , in which power is shared between the federal government and state governments . The interpretation and execution of these principles, including what powers the federal government should have and how those powers can be exercised, have been debated ever since the adoption of
730-473: A "total deficit" of $ 455 billion. This latter figure is the one commonly reported in the media. However, an additional $ 313 billion was required for "the Treasury actions aimed at stabilizing the financial markets," an unusually high amount because of the subprime mortgage crisis . This meant that the "debt held by the public" increased by $ 768 billion ($ 455B + $ 313B = $ 768B). The "off-budget surplus"
876-409: A July 2010 publication: The U.S. has never fully defaulted. In April 1979, however, the U.S. may have technically defaulted on $ 122 million (~$ 413 million in 2023) in Treasury bills , which was less than 1% of U.S. debt. The Treasury Department characterized it as a delay rather than as a default, but it did have consequences for short-term interest rates, which jumped 0.6%. Others view it as
1022-494: A baseline called the "Plausible Baseline", which closely resembled the Congressional Budget Office's Alternative Fiscal Scenario, the plan proposed roughly $ 2 in spending cuts to $ 1 in revenue increases. The Plausible Baseline built off of a current law baseline by assuming that the 2001/2003 tax cuts were extended except for those above $ 250,000, the estate tax and Alternative Minimum Tax would continue at 2009 levels,
1168-519: A bill modeled on the plan, with, according to analyst Ezra Klein , "somewhat less in tax increases," to a vote in the House where it was rejected 382 to 38. 22 Democrats and 16 Republicans supported the bill. There was mixed reaction to the plan. Some praised the recommendations of the proposal while others attacked it. One proponent, Maya MacGuineas at the Committee for a Responsible Federal Budget, said of
1314-707: A complex set of relationships between state and federal courts. Federal courts can sometimes hear cases arising under state law pursuant to diversity jurisdiction , state courts can decide certain matters involving federal law, and a handful of federal claims are primarily reserved by federal statute to the state courts. Both court systems have exclusive jurisdiction in some areas and concurrent jurisdiction in others. The U.S. Constitution safeguards judicial independence by providing that federal judges shall hold office "during good behavior"; in practice, this usually means they serve until they die, retire, or resign. A judge who commits an offense while in office may be impeached in
1460-568: A deal based on the Simpson–Bowles framework. Critics on the left, such as Democratic Representative Jan Schakowsky (a Commission member) and economist Paul Krugman , opposed the Simpson–Bowles proposal because it would cut entitlement and social safety net programs, including Social Security and Medicare . Critics on the right, such as Republican commission members Paul Ryan , Jeb Hensarling , and Dave Camp , and anti-tax activist Grover Norquist of Americans for Tax Reform , objected to
1606-607: A few cases. The judicial power extends to cases arising under the Constitution, an Act of Congress ; a U.S. treaty ; cases affecting ambassadors , ministers and consuls of foreign countries in the U.S.; cases and controversies to which the federal government is a party; controversies between states (or their citizens) and foreign nations (or their citizens or subjects); and bankruptcy cases (collectively "federal-question jurisdiction"). The Eleventh Amendment removed from federal jurisdiction cases in which citizens of one state were
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#17330849396101752-729: A job as this one does in getting us back on a sound fiscal course." Senator Judd Gregg , the senior Republican on the Senate Budget Committee, noted that the report was a "starting point." The proposal was dismissed as "unserious" by New York Times columnist Paul Krugman for its large cuts in income tax rates. Krugman dismissed the idea that current marginal rates are a drag on economic growth. Further, he doubted that proposed combination of rate cuts and removal of deductions and loopholes will be revenue neutral, let alone increase revenue. Union leaders such as Richard Trumka and several Democrats Representative Raul Grijalva rejected
1898-566: A liberal budget plan that would cut the deficit by $ 441 billion. Schakowsky's plan would raise revenue (by eliminating the FICA cap ; eliminating the foreign earned income exclusion , raising the taxes on capital gains , dividends, and bonds, and establishing a cap-and-trade system taxing corporate carbon emissions ); cut defense spending by $ 110 billion and non-defense spending by $ 33 billion; and spend $ 200 billion on infrastructure and other measures aimed at boosting economic growth. Dean Baker of
2044-442: A little less than half of the total national debt is owed to the "Federal Reserve and intragovernmental holdings". The foreign and international holders of the debt are also put together from the notes, bills, and bonds sections. To the right is a chart for the data as of June 2008: As of October 2018, foreigners owned $ 6.2 trillion of U.S. debt, or approximately 39% of the debt held by the public of $ 16.1 trillion and 28% of
2190-707: A lower level. Additionally, the CLASS Act was enacted as Title VIII of the Patient Protection and Affordable Care Act but was repealed January 1, 2013. United States federal government [REDACTED] [REDACTED] The federal government of the United States ( U.S. federal government or U.S. government ) is the common government of the United States , a federal republic located primarily in North America , comprising 50 states , five major self-governing territories , several island possessions , and
2336-545: A negative relationship between high debt and growth remains. However, other economists, including Paul Krugman , have argued that it is low growth which causes national debt to increase, rather than the other way around. Commenting on fiscal sustainability , former Federal Reserve Chairman Ben Bernanke stated in April 2010 that "Neither experience nor economic theory clearly indicates the threshold at which government debt begins to endanger prosperity and economic stability. But given
2482-474: A ratio to GDP . The United States public debt as a percentage of GDP reached its highest level during Harry Truman 's first presidential term, during and after World War II . Public debt as a percentage of GDP fell rapidly in the post-World War II period and reached a low in 1974 under Richard Nixon . Debt as a share of GDP has consistently increased since then, except during the presidencies of Jimmy Carter and Bill Clinton . Public debt rose sharply during
2628-601: A result of government spending and decreases from tax or other receipts, both of which fluctuate during the course of a fiscal year . There are two components of gross national debt: Historically, the U.S. public debt as a share of gross domestic product (GDP) increases during wars and recessions and then subsequently declines. The ratio of debt to GDP may decrease as a result of a government surplus or via growth of GDP and inflation . The Congressional Budget Office (CBO) estimated in February 2024 that Federal debt held by
2774-470: A single elected term." Under the Presentment Clause of Article I, a bill that passes both chambers of Congress shall be presented to the president, who may sign the bill into law or veto the bill by returning it to the chamber where it originated. If the president neither signs nor vetoes a bill "within ten Days (Sundays excepted) after it shall have been presented to him" it becomes a law without
2920-608: A special election can take place. The House and Senate each have particular exclusive powers. For example, the Senate must approve (give " advice and consent " to) many important presidential appointments, including cabinet officers, federal judges (including nominees to the Supreme Court), department secretaries (heads of federal executive branch departments), U.S. military and naval officers, and ambassadors to foreign countries. All legislative bills for raising revenue must originate in
3066-402: A supermajority during voting on December 3, with 11 of 18 votes in favor. Voting for the report were Bowles , Coburn , Conrad , Crapo , Cote , Durbin , Fudge , Gregg , Rivlin , Simpson , and Spratt . Voting against were Baucus , Becerra , Camp , Hensarling , Ryan , Schakowsky , and Stern . On March 28, 2012, Representatives Jim Cooper (D-TN) and Steve LaTourette (R-OH) put
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#17330849396103212-446: A temporary, partial default. The United States debt ceiling is a legislative constraint on the amount of national debt that can be incurred by the U.S. Treasury . It limits how much money the federal government may pay on the debt it already has by borrowing even more money. The debt ceiling applies to almost all federal debt, including accounts owned by the public and intra-government funds for Medicare and Social Security . In 2009
3358-667: A total interest expense of $ 875 billion. This accrued interest is added to the Social Security Trust Fund and therefore the national debt each year and will be paid to Social Security recipients in the future. However, since it is a non-cash expense it is excluded from the budget deficit calculation. National Commission on Fiscal Responsibility and Reform Bowles–Simpson Commission 2007–2008 financial crisis 2013 budget sequestration Related events The National Commission on Fiscal Responsibility and Reform (often called Simpson–Bowles or Bowles–Simpson from
3504-506: A trade embargo, declare war upon a foreign government that the President had recognized, or decline to appropriate funds for an embassy in that country." The president may also negotiate and sign treaties, but ratifying treaties requires the consent of two-thirds of the Senate. Article II's Appointments Clause provides that the president "shall nominate, and by and with the Advice and Consent of
3650-589: A vote, has received significant attention since its inception. The National Journal noted that, "Hardly a day goes by in Congress or on the hustings without some lawmaker extolling Simpson–Bowles as the kind of potent fiscal medicine Americans must swallow if the country is to fix its debt and deficit problems, reform government and revive the economy." The Simpson–Bowles framework and its goal of $ 4 trillion of deficit reduction has been used by other, such as President Obama and Speaker Boehner in their negotiations during
3796-426: A way to avoid the fiscal cliff. Additionally, during the spring of 2012, a Budget Resolution based in part on the Simpson–Bowles plan was voted on in the House of Representatives. The plan was voted down 382–38. Simpson and Bowles have done further outreach themselves. In November, 2011, Simpson and Bowles submitted written testimony to the "supercommittee" charged with making budget adjustments by Congress, urging
3942-545: Is $ 116 billion more than in FY2017. The Treasury statements as summarized by in the CBO report that corporate taxes for 2017 and 2018 declined by $ 92 billion representing a drop of 31%. The CBO added that "about half of the decline ... occurred since June" when some of the provisions of the Tax Cuts and Jobs Act of 2017 took effect, which included the "new lower corporate tax rate and
4088-465: Is an estimated $ 45.8 trillion. This is the amount that would have had to be set aside in 2009 in order to pay for the unfunded obligations which, under current law, will have to be raised by the government in the future. Approximately $ 7.7 trillion relates to Social Security, while $ 38.2 trillion relates to Medicare and Medicaid. In other words, health care programs will require nearly five times more funding than Social Security. Adding this to
4234-565: Is established in Article Two of the United States Constitution , which vests executive power in the president of the United States . The president is both the head of state (performing ceremonial functions) and the head of government (the chief executive). The Constitution directs the president to " take care that the laws be faithfully executed " and requires the president to swear or affirm to "preserve, protect and defend
4380-527: Is higher than the rate of increase of debt. Conversely, the debt to GDP ratio can increase even while debt is being reduced, if the decline in GDP is sufficient. According to the CIA World Factbook , during 2015, the U.S. debt to GDP ratio of 73.6% was the 39th highest in the world. This was measured using "debt held by the public." However, $ 1 trillion in additional borrowing since the end of FY 2015 raised
4526-529: Is important. It offers nothing on Medicare that isn't already in the Affordable Care Act . And it raises the Social Security retirement age because life expectancy has risen completely ignoring the fact that life expectancy has only gone up for the well-off and well-educated, while stagnating or even declining among the people who need the program most." Bowles-Simpson, while never officially coming to
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4672-402: Is intended to prevent waste and fraud, protect civil liberties and individual rights, ensure executive compliance with the law, gather information for making laws and educating the public, and evaluate executive performance. It applies to cabinet departments, executive agencies, regulatory commissions, and the presidency. Congress's oversight function takes many forms: The executive branch
4818-581: Is one delegate each from Washington, D.C. , Guam , the Virgin Islands , American Samoa , the Commonwealth of the Northern Mariana Islands , and a resident commissioner from Puerto Rico . Unlike the U.S. Senate , all members of the U.S. House must be elected and cannot be appointed. In the case of a vacancy, the seat must be filled through a special election, as required under Article 1 of
4964-413: Is projected to continue rising relative to GDP under the above two scenarios, although the CBO did also offer other scenarios that involved austerity measures that would bring the debt to GDP ratio down. Since 2010, the U.S. Treasury has been obtaining negative real interest rates on government debt, meaning the inflation rate is greater than the interest rate paid on the debt. Such low rates, outpaced by
5110-524: Is the commander-in-chief of the armed forces . Under the Reception Clause , the president is empowered to "receive Ambassadors and other public Ministers"; the president has broad authority to conduct foreign relations, is generally considered to have the sole power of diplomatic recognition , and is the United States' chief diplomat, although the Congress also has an important role in legislating on foreign affairs, and can, for example, "institute
5256-409: Is the debt divided by the GDP amount. The Congressional Budget Office includes historical budget and debt tables along with its annual "Budget and Economic Outlook". Debt held by the public as a percentage of GDP rose from 34.7% GDP in 2000 to 40.5% in 2008 and 67.7% in 2011. Mathematically, the ratio can decrease even while debt grows if the rate of increase in GDP (which also takes account of inflation)
5402-582: Is the highest fourth quarter issuance "since 2008, at the height of the financial crisis." As cited by the Journal and the Business Insider , the primary drivers of new debt issuance are "stagnant", "sluggish tax revenues", a decrease in "corporate tax revenue", due to the GOP Tax Cuts and Jobs Act of 2017 , the "bipartisan budget agreement", and "higher government spending". As of July 20, 2020, debt held by
5548-578: Is the sum of the on-budget deficit (or surplus) and the off-budget deficit (or surplus). Since FY1960, the federal government has run on-budget deficits except for FY1999 and FY2000, and total federal deficits except in FY1969 and FY1998–FY2001. For example, in January 2009 the CBO reported that for FY2008, the "on-budget deficit" was $ 638 billion, offset by an "off-budget surplus" (mainly due to Social Security revenue in excess of payouts) of $ 183 billion, for
5694-579: The Center for Economic and Policy Research in Washington criticized the deficit report for omitting a tax on the financial industry, as was recommended by the International Monetary Fund . Economist and New York Times columnist Paul Krugman wrote, "Simpson–Bowles is terrible. It mucks around with taxes, but is obsessed with lowering marginal rates despite a complete absence of evidence that this
5840-501: The Consolidated Appropriations Act, 2018 signed into law on March 23, 2018. Debt levels may affect economic growth rates. In 2010, economists Kenneth Rogoff and Carmen Reinhart reported that among the 20 developed countries studied, average annual GDP growth was 3–4% when debt was relatively moderate or low (i.e., under 60% of GDP), but it dips to just 1.6% when debt was high (i.e., above 90% of GDP). In April 2013,
5986-468: The Constitution , and this is the name that appears on money, in treaties, and in legal cases to which the nation is a party. The terms "Government of the United States of America" or "United States Government" are often used in official documents to represent the federal government as distinct from the states collectively. In casual conversation or writing, the term "Federal Government" is often used, and
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6132-711: The Emergency Economic Stabilization Act of 2008 and the American Recovery and Reinvestment Act of 2009 . In their September 2018 monthly report published on October 5 and based on data from the Treasury Department's "Daily Treasury Statements" (DTS), the Congressional Budget Office (CBO) wrote that the federal budget deficit was c.$ 782 billion for the fiscal year 2018—which runs from October 2017 through September 2018. This
6278-674: The Government Accountability Office (GAO) reported that the United States was on a "fiscally unsustainable" path because of projected future increases in Medicare and Social Security spending. According to the Treasury report in October 2018, summarized by Business Insider ' s Bob Bryan, the U.S. federal budget deficit rose as a result of the Tax Cuts and Jobs Act of 2017 signed into law by President Donald Trump on December 22, 2017 and
6424-526: The U.S. Tax Court , are specialized courts handling only certain kinds of cases, known as subject matter jurisdiction . The Bankruptcy Courts are supervised by the district courts, and, as such, are not considered part of the Article III judiciary. As such, their judges do not have lifetime tenure, nor are they Constitutionally exempt from diminution of their remuneration. The Tax Court is an Article I Court, not an Article III Court. The district courts are
6570-706: The United Kingdom ($ 0.4 trillion or 6.2%). Historically, the share held by foreign governments had grown over time, rising from 13% of the public debt in 1988 to 34% in 2015. In more recent years, foreign ownership has retreated both in percent of total debt and total dollar amounts. China's maximum holding of 9.1% or $ 1.3 trillion of U.S. debt occurred in 2011, subsequently reduced to 5% in 2018. Japan's maximum holding of 7% or $ 1.2 trillion occurred in 2012, subsequently reduced to 4% in 2018. According to Paul Krugman , "America actually earns more from its assets abroad than it pays to foreign investors." Nonetheless,
6716-493: The United States District Courts , which are the general trial courts for federal law, and for certain controversies between litigants who are not deemed citizens of the same state, known as diversity jurisdiction . There are three levels of federal courts with general jurisdiction, which are courts that handle both criminal and civil suits between individuals. Other courts, such as the bankruptcy courts and
6862-839: The United States Postal Service (USPS), NASA , the Central Intelligence Agency (CIA), the Environmental Protection Agency (EPA), and the United States Agency for International Development (USAID). In addition, there are government-owned corporations , including the Federal Deposit Insurance Corporation and the National Railroad Passenger Corporation . The Judiciary, under Article III of
7008-684: The White House staff, the National Security Council , the Office of Management and Budget , the Council of Economic Advisers , the Council on Environmental Quality , the Office of the U.S. Trade Representative , the Office of National Drug Control Policy , and the Office of Science and Technology Policy . Outside of the EOP and the executive departments are a number of independent agencies . These include
7154-463: The executive order that created the commission, a supermajority of 14 of the 18 commissioners had to agree to a recommendation before it was sent to Congress for a vote. In a vote in December 2010, the commission fell short of that requirement, with only 11 out of the 18 commissioners (five Republicans , five Democrats , and one independent) voting to endorse the commission's blueprint. Proponents of
7300-503: The federal district (national capital) of Washington, D.C. , where the majority of the federal government is based. The U.S. federal government is composed of three distinct branches: legislative , executive , and judicial , whose powers are vested by the U.S. Constitution in the Congress , the president , and the federal courts , respectively. The powers and duties of these branches are further defined by acts of Congress, including
7446-504: The inflation rate , occur when the market believes that there are no alternatives with sufficiently low risk, or when popular institutional investments such as insurance companies, pensions , or bond, money market, and balanced mutual funds are required or choose to invest sufficiently large sums in Treasury securities to hedge against risk. Economist Lawrence Summers states that at such low interest rates, government borrowing actually saves taxpayer money and improves creditworthiness. In
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#17330849396107592-577: The militia , exercise exclusive legislation in the District of Columbia , regulate interstate commerce , and to make laws necessary to properly execute powers. Over the two centuries since the United States was formed, many disputes have arisen over the limits on the powers of the federal government. These disputes have often been the subject of lawsuits that have ultimately been decided by the United States Supreme Court . Congressional oversight
7738-554: The $ 30 trillion mark for the first time in history in February 2022. As of December 2023, total federal debt was $ 33.1 trillion; $ 26.5 trillion held by the public and $ 12.1 trillion in intragovernmental debt. The annualized cost of servicing this debt was $ 726 billion in July 2023, which accounted for 14% of the total federal spending. In February 2024, the total federal government debt grew to $ 34.4 trillion after having grown by approximately $ 1 trillion in both of two separate 100-day periods since
7884-466: The 12 supercommittee members to "go big" toward the $ 4 trillion in savings the NCFRR had recommended v. the $ 1.2 trillion deficit reduction most discussed by the committee of congresspeople and senators . Simpson and Bowles also warned that failure to reach some agreement "might result in another downgrade ", though separately Moody's said such failure alone would not result in a change in U.S. ratings, as
8030-405: The 1980s, as Ronald Reagan negotiated with Congress to cut tax rates and increase military spending . It fell during the 1990s because of decreased military spending, increased taxes and the 1990s boom . Public debt rose sharply during George W. Bush's presidency and in the wake of the 2007–2008 financial crisis , with resulting significant tax revenue declines and spending increases, such as
8176-470: The 30-year period through 2049. The CBO reported: Large budget deficits over the next 30 years are projected to drive federal debt held by the public to unprecedented levels—from 78 percent of gross domestic product (GDP) in 2019 to 144 percent by 2049. That projection incorporates CBO's central estimates of various factors, such as productivity growth and interest rates on federal debt. CBO's analysis indicates that even if values for those factors differed from
8322-484: The 50 states is determined by state populations, and it is updated after each decennial U.S. Census. Each member serves a two-year term. In order to be elected as a representative, an individual must be at least 25 years of age, must have been a U.S. citizen for at least seven years, and must live in the state that they represent. In addition to the 435 voting members, there are six non-voting members, consisting of five delegates and one resident commissioner . There
8468-832: The Cabinet who are appointed by the president. These are the White House Chief of Staff, Administrator of the Environmental Protection Agency, Director of the Office of Management & Budget, United States Trade Representative, U.S. Ambassador to the United Nations, Chairman of the Council of Economic Advisers, and Administrator of the Small Business Administration. The heads of the 15 departments are chosen by
8614-465: The Civil War) or when states' rights proponents have succeeded in limiting federal power through legislative action, executive prerogative or by a constitutional interpretation by the courts. One of the theoretical pillars of the U.S. Constitution is the idea of " checks and balances " among the powers and responsibilities of the three branches of American government: the executive, the legislative, and
8760-502: The Congress. The United States Congress , under Article I of the Constitution, is the legislative branch of the federal government. It is bicameral , comprising the House of Representatives and the Senate . The U.S. House of Representatives is made up of 435 voting members, each of whom represents a congressional district in a state from where they were elected. Apportionment of seats among
8906-701: The Constitution of the United States." Legal scholars William P. Marshall and Saikrishna B. Prakash write of the Clause: "the President may neither breach federal law nor order their subordinates to do so, for defiance cannot be considered faithful execution. The Constitution also incorporates the English bars on dispensing or suspending the law, with some supposing that the Clause itself prohibits both." Many presidential actions are undertaken via executive orders , presidential proclamations , and presidential memoranda . The president
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#17330849396109052-688: The Constitution, explains and applies the laws. This branch does this by hearing and eventually making decisions on various legal cases. Article III section I of the Constitution establishes the Supreme Court of the United States and authorizes the United States Congress to establish inferior courts as their need shall arise. Section I also establishes a lifetime tenure for all federal judges and states that their compensation may not be diminished during their time in office. Article II section II establishes that all federal judges are to be appointed by
9198-489: The Constitution. Some make a case for expansive federal powers while others argue for a more limited role for the central government in relation to individuals, the states, or other recognized entities. Since the American Civil War , the powers of the federal government have generally expanded greatly, although there have been periods since that time of legislative branch dominance (e.g., the decades immediately following
9344-558: The Constitution; all other powers are reserved to the states and the people. The Constitution also includes the Necessary and Proper Clause , which grants Congress the power to "make all laws which shall be necessary and proper for carrying into execution the foregoing powers". Members of the House and Senate are elected by first-past-the-post voting in every state except Louisiana and Georgia , which have runoffs , and Maine and Alaska , which use ranked-choice voting . Congress has
9490-492: The Federal Hospital Insurance Trust Fund (Medicare). Only debt held by the public is reported as a liability on the consolidated financial statements of the United States government. Debt held by US government accounts is an asset to those accounts but a liability to the Treasury; they offset each other in the consolidated financial statements. Government receipts and expenditures are normally presented on
9636-595: The Federal Reserve Alan Greenspan , Senator John McCain and Democratic Minority Whip Steny Hoyer . As time has gone on, there has been increased support for the plan, including some who initially opposed it such as former union leader Andy Stern and Democratic leader Nancy Pelosi . The plan was not universally praised. Commission member Jan Schakowsky, who voted against the Bowles-Simpson plan, released an alternative plan of her own, proposing
9782-572: The House and 19 in the Senate, plus 4 joint permanent committees with members from both houses overseeing the Library of Congress , printing, taxation, and the economy. In addition, each house may name special, or select, committees to study specific problems. Today, much of the congressional workload is borne by the subcommittees, of which there are around 150. The Constitution grants numerous powers to Congress. Enumerated in Article I, Section 8, these include
9928-421: The House of Representatives Nancy Pelosi and Senate Majority Leader Harry Reid pledged to bring its recommendations for an up or down vote. The Commission included 18 members and one executive director appointed by the president. This included six members of the U.S. House of Representatives , and six members of the U.S. Senate. The first vote on the final recommendations, originally set for December 1, 2010,
10074-425: The House of Representatives. The approval of both chambers is required to pass all legislation, which then may only become law by being signed by the president (or, if the president vetoes the bill, both houses of Congress then re-pass the bill, but by a two-thirds majority of each chamber, in which case the bill becomes law without the president's signature). The powers of Congress are limited to those enumerated in
10220-464: The House plus its two senators). The District of Columbia has a number of electoral votes "equal to the whole number of Senators and Representatives in Congress to which the District would be entitled if it were a State, but in no event more than the least populous State". A President may also be seated by succession . As originally drafted, there was no limit to the time a President could serve, however
10366-408: The Medicare physicians pay freeze would continue and war spending would decrease based on current administration policy. The final plan was broken down into six major components (savings are 2012–2020): The plan also proposed an additional $ 673 billion in savings, due to lower projected spending interest payments as a result from lower deficits. The plan, released on December 1, 2010, fell short of
10512-554: The Senate, shall appoint Ambassadors, other public Ministers and Consuls, Judges of the supreme Court, and all other Officers of the United States " while providing that "Congress may by Law vest the Appointment of such inferior Officers, as they think proper, in the President alone, in the Courts of Law, or in the Heads of Departments." These appointments delegate "by legal authority a portion of
10658-478: The Simpson-Bowles proposal because it would raise taxes. The original proposal for a commission came from bipartisan legislation that would have required Congress to vote on its recommendations as presented, without any amendment. In January 2010, that bill failed in the Senate by a vote of 53–46, when six Republicans who had co-sponsored it nevertheless voted against it. Thereafter, President Obama established
10804-483: The Twenty-second Amendment, ratified in 1951, originally limits any president to serving two four-year terms (8 years); the amendment specifically "caps the service of a president at 10 years" by providing that "if a person succeeds to the office of president without election and serves less than two years, he may run for two full terms; otherwise, a person succeeding to office of president can serve no more than
10950-404: The U.S. Constitution. In contrast, the Senate is made up of two senators from each state, regardless of population. There are currently 100 senators (2 from each of the 50 states), who each serve six-year terms. Approximately one-third of the Senate stands for election every two years. If a vacancy occurs, the state governor appoints a replacement to complete the term or to hold the office until
11096-508: The agency's projections, debt several decades from now would probably be much higher than it is today. Furthermore, under alternative scenarios: If lawmakers changed current laws to maintain certain major policies now in place—most significantly, if they prevented a cut in discretionary spending in 2020 and an increase in individual income taxes in 2026—then debt held by the public would increase even more, reaching 219 percent of GDP by 2049. By contrast, if Social Security benefits were limited to
11242-455: The amounts payable from revenues received by the Social Security trust funds, debt in 2049 would reach 106 percent of GDP, still well above its current level. Over the long-term, the CBO projects that interest expense and mandatory spending categories (e.g., Medicare, Medicaid and Social Security) will continue to grow relative to GDP, while discretionary categories (e.g., Defense and other Cabinet Departments) continue to fall relative to GDP. Debt
11388-444: The annual increase in the debt. The major categories of differences are the treatment of the Social Security program, Treasury borrowing, and supplemental appropriations outside the budget process. Social Security payroll taxes and benefit payments, along with the net balance of the U.S. Postal Service , are considered "off-budget", while most other expenditure and receipt categories are considered "on-budget". The total federal deficit
11534-410: The books of their owners, but the large size of Fannie Mae and Freddie Mac has made the U.S. government reluctant to incorporate them into its own books. When the two mortgage companies required bail-outs, White House Budget Director Jim Nussle, on September 12, 2008, initially indicated their budget plans would not incorporate the government-sponsored enterprise (GSE) debt into the budget because of
11680-430: The budget process entirely until President Obama began including most of them in his FY2010 budget. In other words, spending the "off budget" Social Security surplus adds to the total national debt (by increasing the intragovernmental debt) while the "off-budget" surplus reduces the "total" deficit reported in the media. Certain spending called "supplemental appropriations" is outside the budget process entirely but adds to
11826-402: The case from state court to federal court. The United States Courts of Appeals are appellate courts that hear appeals of cases decided by the district courts, and some direct appeals from administrative agencies, and some interlocutory appeals. The U.S. Supreme Court hears appeals from the decisions of the courts of appeals or state supreme courts, and in addition has original jurisdiction over
11972-553: The cash upon receipt but spent for other purposes. If the government continues to run deficits in other parts of the budget, the government will have to issue debt held by the public to fund the Social Security Trust Fund, in effect exchanging one type of debt for the other. Other large intragovernmental holders include the Federal Housing Administration, the Federal Savings and Loan Corporation's Resolution Fund and
12118-404: The chambers to consider urgent matters. The vice president is the second-highest official in rank of the federal government. The vice president's duties and powers are established in the legislative branch of the federal government under Article 1, Section 3, Clauses 4 and 5 as the president of the Senate ; this means that they are the designated presiding officer of the Senate. In that capacity,
12264-437: The commission by Executive Order 13531 . Former Republican Senator Alan Simpson (Wyo.), after his appointment to co-chair the commission, criticized the former supporters who had voted against the bill, saying that their purpose "was to stick it to the president." In the absence of special legislation, the commission's proposals are not guaranteed to be considered by Congress in a single up-or-down vote, although then-Speaker of
12410-479: The conclusions of Rogoff and Reinhart's study came into question when a coding error in their original paper was discovered by Herndon, Ash and Pollin of the University of Massachusetts Amherst . Herndon, Ash and Pollin found that after correcting for errors and unorthodox methods used, there was no evidence that debt above a specific threshold reduces growth. Reinhart and Rogoff maintain that after correcting for errors,
12556-443: The country's net international investment position represents a debt of more than $ 9 trillion. The CBO estimated the impact of the Tax Cuts and Jobs Act and separate spending legislation over the 2018–2028 period in their annual "Budget & Economic Outlook", released in April 2018: The CBO estimated that the budget deficit for fiscal year 2020 would increase to $ 3.3 trillion or 16% GDP, more than triple that of 2019 and
12702-440: The creation of executive departments and courts subordinate to the U.S. Supreme Court . In the federal division of power, the federal government shares sovereignty with each of the 50 states in their respective territories. U.S. law recognizes Indigenous tribes as possessing sovereign powers , while being subject to federal jurisdiction. The full name of the republic is the "United States of America". No other name appears in
12848-765: The crisis, such as those made under the Troubled Asset Relief Program , was included in the debt totals. The U.S. federal government is obligated under current law to make mandatory payments for programs such as Medicare , Medicaid and Social Security. The Government Accountability Office (GAO) projects that payouts for these programs will significantly exceed tax revenues over the next 75 years. The Medicare Part A (hospital insurance) payouts already exceed program tax revenues, and social security payouts exceeded payroll taxes in fiscal year 2010. These deficits require funding from other tax sources or borrowing. The present value of these deficits or unfunded obligations
12994-593: The current fiscal situation such as the fiscal cliff at the end of 2012 and are widely quoted in the press on fiscal issues. In addition, Simpson and Bowles have helped form two organizations that are working in part for their plan—the Moment of Truth Project and the Campaign to Fix the Debt. Finally, some aspects of the Simpson–Bowles plan have become law. The Budget Control Act of 2011 included discretionary spending caps, albeit at
13140-463: The debt, the Treasury also publishes information that groups the types of holders by general categories to portray who owns United States debt. In this data set, some of the public portion is moved and combined with the total government portion, because this amount is owned by the Federal Reserve as part of United States monetary policy. (See Federal Reserve System .) As is apparent from the chart,
13286-502: The deficit by $ 4 trillion, reformed Social Security and the tax code and included health-care savings and an illustrative savings of $ 200 billion of discretionary cuts. After the chairmen's briefing to the commission members, two Democratic Party members, Senator Durbin and Representative Schakowsky, publicly criticized the plan. Senator Kent Conrad (D-ND), however, declined to criticize the proposal, saying "[i]nstead of shooting this down propose an alternative. But one that does as good
13432-454: The deficits. Two economists, Jaromir Benes and Michael Kumhof, working for the International Monetary Fund , published a working paper called The Chicago Plan Revisited suggesting that the debt could be eliminated by raising bank reserve requirements and converting from fractional-reserve banking to full-reserve banking . Economists at the Paris School of Economics have commented on
13578-490: The eve of the first Commission meeting. Simpson's latter appearance, particularly as it bore on entitlements , attracted comment from the Columbia Journalism Review and James Ridgeway , among others. On November 10, co-chairs Simpson and Bowles released a draft proposal for consideration by other commission members providing the basis for the final report to be released later. The co-chairs proposal reduced
13724-418: The executive branch when becoming president upon the death, resignation, or removal of the president, which has happened nine times in U.S. history. Lastly, in the case of a Twenty-fifth Amendment succession event, the vice president would become acting president, assuming all of the powers and duties of president, except being designated as president. Accordingly, by circumstances, the Constitution designates
13870-631: The expanded ability to immediately deduct the full value of equipment purchases". (~$ 1.6 trillion in 2023) According to articles in The Wall Street Journal and Business Insider , based on documents released on October 29, 2018, by the Treasury Department , the department's projection estimated that by the fourth quarter of the FY2018, it would have issued c. $ 1.338 trillion (~$ 1.6 trillion in 2023) in debt. This would have been
14016-415: The federal government budget balance from year to year, not the cumulative amount of debt . In a deficit year the national debt increases as the government needs to borrow funds to finance the deficit , while in a surplus year the debt decreases as more money is received than spent, enabling the government to reduce the debt by buying back some Treasury securities. In general, government debt increases as
14162-400: The federal deficit by nearly $ 4 trillion, stabilizing the growth of debt held by the public by 2014, reduce debt 60 percent by 2023 and 40 percent by 2035. Outlays would equal 21.6 percent of GDP in 2015, compared to 23.8 percent in 2010 and would fall to 21.0 percent by 2035. Revenues would rise from 14.9 percent in 2010 to 19.3 percent in 2015 and would equal 21.0 percent in 2035. Built off
14308-413: The highest debt issuance since 2010, when it reached $ 1.586 trillion (~$ 2.16 trillion in 2023). The Treasury anticipated that the total "net marketable debt"—net marketable securities—issued in the fourth quarter would reach $ 425 billion; which would raise the 2018 "total debt issuance" to over a trillion dollars of new debt, representing a "146% jump from 2017". According to the Journal that
14454-483: The judiciary. For example, while the legislative branch ( Congress ) has the power to create law, the executive branch under the president can veto any legislation—an act which, in turn, can be overridden by Congress. The president nominates judges to the nation's highest judiciary authority, the Supreme Court (as well as to lower federal courts), but those nominees must be approved by Congress. The Supreme Court, in turn, can invalidate unconstitutional laws passed by
14600-509: The largest as % GDP since 1945, because of the impact of the COVID-19 pandemic . CBO also forecast the debt held by the public would rise to 98% GDP in 2020, compared with 79% in 2019 and 35% in 2007 before the Great Recession . The CBO reports its Long-Term Budget Outlook annually, providing at least two scenarios for spending, revenue, deficits, and debt. The 2019 Outlook mainly covers
14746-462: The largest as % GDP since 1945. In December 2021, debt held by the public was estimated at 96.19% of GDP, and approximately 33% of this public debt was owned by foreigners (government and private). The United States has the largest external debt in the world . The total number of U.S. Treasury securities held by foreign entities in December 2021 was $ 7.7 trillion, up from $ 7.1 trillion in December 2020. Total US federal government debt breached
14892-425: The late 1940s through the early 1970s, the U.S. and UK both reduced their debt burden by about 30% to 40% of GDP per decade by taking advantage of negative real interest rates, but there is no guarantee that government debt rates will continue to stay this low. Between 1946 and 1974, the U.S. debt-to-GDP ratio fell from 121% to 32% even though there were surpluses in only eight of those years which were much smaller than
15038-477: The law and creating precedent for future law and decisions. The United States Constitution does not specifically mention the power of judicial review , which is the power to declare a law unconstitutional. There have been instances in the past where such declarations have been ignored by the other two branches. Below the U.S. Supreme Court are the United States Courts of Appeals , and below them in turn are
15184-463: The long-term sustainability of the federal government's fiscal policies . The aggregate, gross amount that Treasury can borrow is limited by the United States debt ceiling . During the COVID-19 pandemic , the federal government spent trillions in virus aid and economic relief. The Congressional Budget Office (CBO) estimated that the budget deficit for fiscal year 2020 would increase to $ 3.3 trillion or 16% GDP, more than triple that of 2019 and
15330-435: The marketable securities are Treasury notes, bills, and bonds held by investors and governments globally. The non-marketable securities are mainly the "government account series" owed to certain government trust funds such as the Social Security Trust Fund, which represented $ 2.82 trillion (~$ 3.45 trillion in 2023) in 2017. The non-marketable securities represent amounts owed to program beneficiaries. For example, in
15476-447: The names of co-chairs Alan Simpson and Erskine Bowles ; or NCFRR ) was a bipartisan Presidential Commission on deficit reduction, created in 2010 by President Barack Obama to identify "policies to improve the fiscal situation in the medium term and to achieve fiscal sustainability over the long run". The 18-member Commission, consisting of 12 members of Congress and six private citizens, first met on April 27, 2010. A report
15622-418: The national debt and other federal obligations would bring total obligations to nearly $ 62 trillion. However, these unfunded obligations are not counted in the national debt, as shown in monthly Treasury reports of the national debt. GDP is a measure of the total size and output of the economy. One measure of the debt burden is its size relative to GDP, called the " debt-to-GDP ratio ". Mathematically, this
15768-494: The national debt. Funding for the Iraq and Afghanistan wars was accounted for this way prior to the Obama administration. Certain stimulus measures and earmarks were also outside the budget process. The federal government publishes the total debt owed (public and intragovernmental holdings) daily. Because a large variety of people own the notes, bills, and bonds in the "public" portion of
15914-669: The near-term." The chairmen's proposal was also criticized by conservative interest groups such as defense contractors, for cutting spending on defense , and Americans for Tax Reform , a group opposed to both increases in marginal rates and overall Federal revenue. The proposal was better received by the Democrat-affiliated think tank Third Way , the Progressive Policy Institute, Representative Jim Cooper (D-Tenn.), Senator Ron Wyden (D-Oregon) and Harvard economist Greg Mankiw . Senator-elect Rand Paul (R-KY),
16060-696: The office of vice president. Article II, Section 2 of the Constitution sets forth the creation of a presidential Cabinet. The role of the Cabinet is to advise the president and carry out the programs and laws of the federal government. The Cabinet is composed of the vice president and the leaders of 15 executive departments. Those executive departments are the Departments of State, Treasury, Defense, Justice, Interior, Agriculture, Commerce, Labor, Health and Human Services, Housing and Urban Development, Transportation, Energy, Education, Veterans Affairs, and Homeland Security. Additionally, there are seven other members of
16206-480: The plaintiffs and the government of another state was the defendant. It did not disturb federal jurisdiction in cases in which a state government is a plaintiff and a citizen of another state the defendant. The power of the federal courts extends both to civil actions for damages and other redress, and to criminal cases arising under federal law. The interplay of the Supremacy Clause and Article III has resulted in
16352-424: The plan praised it for hitting all parts of the federal budget and for putting the national debt on a stable and then downward path. Prominent supporters include JPMorgan Chase CEO Jamie Dimon , House Speaker Nancy Pelosi (although at first she opposed the proposal), then- Secretary of State Hillary Clinton , and Republican Senator Tom Coburn ; Democratic Representative Chris Van Hollen has called for
16498-429: The plan saying it cut spending, especially on Social Security, too much. The Economic Policy Institute calculated that the proposed spending cuts would reduce payroll employment by roughly 1.9 million jobs by 2014, and that the resulting loss in the government's tax revenues would cut the proposal's deficit-reducing effect in half. The institute called instead for "budgeting for more desperately needed fiscal stimulus in
16644-489: The plan, "the Commission released not only a credible plan, but an excellent plan. Of course it is filled with things people don't like—that is the nature of deficit reduction. And yet the plan received bipartisan support from a majority of the Commission at a time where, up until now, fiscal leadership has been in short supply" Other prominent supporters of the plan include New York mayor Michael Bloomberg , former Chairmen of
16790-488: The plan, stating that it is already the status quo for coinage currency, and a Norges Bank economist has examined the proposal in the context of considering the finance industry as part of the real economy . A Centre for Economic Policy Research paper agrees with the conclusion that "no real liability is created by new fiat money creation and therefore public debt does not rise as a result." The CBO reported several types of risk factors related to rising debt levels in
16936-497: The power to adjourn Congress whenever the House and Senate cannot agree when to adjourn; no president has ever used this power. The president also has the constitutional power to, "on extraordinary Occasions, convene both Houses, or either of them"; this power has been used "to consider nominations, war, and emergency legislation." This Section invests the President with the discretion to convene Congress on "extraordinary occasions"; this special session power that has been used to call
17082-471: The power to re-organize or even abolish federal courts lower than the Supreme Court. The U.S. Supreme Court decides cases and controversies , which include matters pertaining to the federal government, disputes between states, and interpretation of the United States Constitution, and, in general, can declare legislation or executive action made at any level of the government as unconstitutional , nullifying
17228-437: The power to remove the president, federal judges, and other federal officers from office. The House of Representatives and Senate have separate roles in this process. The House must first vote to impeach the official. Then, a trial is held in the Senate to decide whether the official should be removed from office. As of 2023 , three presidents have been impeached: Andrew Johnson , Bill Clinton , and Donald Trump (twice). None of
17374-420: The powers to levy and collect taxes ; to coin money and regulate its value; provide for punishment for counterfeiting; establish post offices and roads, issue patents, create federal courts inferior to the Supreme Court , combat piracies and felonies , declare war , raise and support armies , provide and maintain a navy , make rules for the regulation of land and naval forces, provide for, arm and discipline
17520-494: The president and approved with the "advice and consent" of the U.S. Senate. Once confirmed, these "Cabinet secretaries" serve at the pleasure of the president. In addition to the executive departments, a number of staff organizations are grouped into the Executive Office of the President (EOP), which was created in 1939 by President Franklin D. Roosevelt. The EOP is overseen by the White House Chief of Staff. The EOP includes
17666-476: The president and confirmed by the United States Senate. The Judiciary Act of 1789 subdivided the nation jurisdictionally into judicial districts and created federal courts for each district. The three tiered structure of this act established the basic structure of the national judiciary: the Supreme Court, 13 courts of appeals, 94 district courts, and two courts of special jurisdiction. Congress retains
17812-466: The president has major agenda-setting powers to influence lawmaking and policymaking, and typically has a major role as the leader of their political party . The president and vice president are normally elected as running mates by the Electoral College ; each state has a number of electoral votes equal to the size of its Congressional delegation ( i.e. , its number of Representatives in
17958-525: The president's signature, "unless the Congress by their Adjournment prevent its Return in which Case it shall not be a Law" (called a pocket veto ). A presidential veto may be overridden by a two-thirds vote in both houses of Congress; this occurs relatively infrequently. The president may be impeached by a majority in the House and removed from office by a two-thirds majority in the Senate for " treason , bribery , or other high crimes and misdemeanors ". The president may not dissolve Congress , but has
18104-455: The previous 12 months was approximately $ 18.15 trillion, for a total debt to GDP ratio of approximately 106%. Conceptually, an annual deficit (or surplus) should represent the change in the national debt, with a deficit adding to the national debt and a surplus reducing it. However, there is complexity in the budgetary computations that can make the deficit figure commonly reported in the media (the "total deficit") considerably different from
18250-412: The previous June. By November 2024, the debt had grown to $ 36 trillion. The United States federal government has continuously had a fluctuating public debt since its formation in 1789, except for about a year during 1835–1836, a period in which the nation, during the presidency of Andrew Jackson , completely paid the national debt. To allow comparisons over the years, public debt is often expressed as
18396-428: The public debt total as they were not drawn against. In late 2008, the federal government had guaranteed large amounts of obligations of mutual funds, banks, and corporations under several programs designed to deal with the problems arising from the 2007–2008 financial crisis . The guarantee program lapsed at the end of 2012, when Congress declined to extend the scheme. The funding of direct investments made in response to
18542-492: The public is projected to rise from 99 percent of GDP in 2024 to 116 percent in 2034, and would continue to grow if current laws generally remained unchanged. Over that period, the growth of interest costs and mandatory spending outpaces the growth of revenues and the economy, driving up debt. Those factors persist beyond 2034, pushing federal debt higher still, to 172 percent of GDP in 2054. In recent decades, aging demographics and rising healthcare costs have led to concern about
18688-497: The public was $ 20.57 trillion, and intragovernmental holdings were $ 5.94 trillion, for a total of $ 26.51 trillion. Debt held by the public was approximately 77% of GDP in 2017, ranked 43rd highest out of 207 countries. The CBO forecast in April 2018 that the ratio will rise to nearly 100% by 2028, perhaps higher if current policies are extended beyond their scheduled expiration date. The national debt can also be classified into marketable or non-marketable securities. Most of
18834-439: The public" gives 96% of GDP. The ratio is higher if the total national debt is used, by adding the "intragovernmental debt" to the "debt held by the public." For example, on April 29, 2016, debt held by the public was approximately $ 13.84 trillion (~$ 17.2 trillion in 2023) or about 76% of GDP. Intra-governmental holdings stood at $ 5.35 trillion, giving a combined total public debt of $ 19.19 trillion. U.S. GDP for
18980-458: The ratio to 76.2% as of April 2016 [See Appendix#National debt for selected years]. Also, this number excludes state and local debt. According to the OECD, general government gross debt (federal, state, and local) in the United States in the fourth quarter of 2015 was $ 22.5 trillion (125% of GDP); subtracting out $ 5.25 trillion for intragovernmental federal debt to count only federal "debt held by
19126-477: The significant costs and risks associated with a rapidly rising federal debt, our nation should soon put in place a credible plan for reducing deficits to sustainable levels over time." Interest expense on the public debt was approximately $ 678 billion in FY2023. During FY2023, the government also accrued a non-cash interest expense of $ 197 billion for intra-governmental debt, primarily the Social Security Trust Fund, for
19272-590: The sovereign powers of the federal government." The Constitution grants the president the "Power to grant Reprieves and Pardons for Offences against the United States , except in Cases of Impeachment"; this clemency power includes the power to issue absolute or conditional pardons, and to issue commute sentences , to remit fines, and to issue general amnesties . The presidential clemency power extends only to federal crimes, and not to state crimes. The president has informal powers beyond their formal powers. For example,
19418-674: The standards set by the Federal Accounting Standards Advisory Board . The on- or off- balance sheet obligations of those two independent GSEs was just over $ 5 trillion at the time the conservatorship was put in place, consisting mainly of mortgage payment guarantees and agency bonds . The confusing independent but government-controlled status of the GSEs resulted in investors of the legacy common shares and preferred shares launching various activist campaigns in 2014. U.S. federal government guarantees were not included in
19564-465: The summer of 2011. A Senate "Gang of Six", with Senators Mark Warner, Kent Conrad, Richard Durbin, Tom Coburn, Mike Crapo and Saxby Chambliss , was formed attempting to forge a consensus on deficit reduction. Later, Senators Mike Bennett and Mike Johans. The Gang of 6 released their plan during the summer of 2011, during the Debt Ceiling negotiations, but since then has continued to work on ways to forge
19710-670: The temporary nature of the conservator intervention. As the intervention has dragged out, pundits began to question this accounting treatment, noting that changes in August 2012 "makes them even more permanent wards of the state and turns the government's preferred stock into a permanent, perpetual kind of security". The federal government controls the Public Company Accounting Oversight Board , which would normally criticize inconsistent accounting practices, but it does not oversee its own government's accounting practices or
19856-460: The term "U.S. Government" is sometimes used. The terms "Federal" and "National" in government agency or program names generally indicate affiliation with the federal government; for instance, the Federal Bureau of Investigation , National Oceanic and Atmospheric Administration , and National Park Service . Because the seat of government is in Washington, D.C. , "Washington" is sometimes used as
20002-434: The three were removed from office following trial in the Senate. Article I, Section 2, paragraph 2 of the U.S. Constitution gives each chamber the power to "determine the rules of its proceedings". From this provision were created congressional committees , which do the work of drafting legislation and conducting congressional investigations into national matters. The 118th Congress (2023–2025) has 20 standing committees in
20148-427: The time of the commission, the co-chairs spent time holding public hearings and appearing on various media outlets. There were six public meetings of testimony and deliberation of the commission, with numerous private ones. In April 2010, Al Simpson was interviewed by Neil Cavuto on Fox News , covering tax-vs-spending balance in the commission's work. Simpson and Bowles were also interviewed by Chris Wallace on
20294-454: The total debt of $ 21.8 trillion. In December 2020, foreigners held 33% ($ 7 trillion out of $ 21.6 trillion) of publicly held US debt; of this $ 7 trillion, $ 4.1 trillion (59.2%) belonged to foreign governments and $ 2.8 trillion (40.8%) to foreign investors. Including both private and public debt holders, the top three December 2020 national holders of American public debt are Japan ($ 1.2 trillion or 17.7%), China ($ 1.1 trillion or 15.2%), and
20440-522: The trial courts wherein cases that are considered under the Judicial Code (Title 28, United States Code) consistent with the jurisdictional precepts of federal question jurisdiction , diversity jurisdiction, and pendent jurisdiction can be filed and decided. The district courts can also hear cases under removal jurisdiction , wherein a case brought in a state court meets the requirements for diversity jurisdiction, and one party litigant chooses to "remove"
20586-438: The trigger would still result in $ 1.2 trillion in cuts. In that regard, Simpson and Bowles stated, "the only thing worse than failure by the committee to agree on savings would be removing the 'sequester' [or 'trigger' ] mechanism for automatic cuts". Bowles said in verbal testimony that "[c]ollectively, I'm worried you're going to fail". Both Simpson and Bowles have appeared on numerous media outlets discussing their plan and
20732-508: The vice president as routinely in the legislative branch, or succeeding to the executive branch as president, or possibly being in both as acting president pursuant to the Twenty-fifth Amendment . Because of circumstances, the overlapping nature of the duties and powers attributed to the office, the title of the office and other matters, such has generated a spirited scholarly dispute regarding attaching an exclusive branch designation to
20878-510: The vice president has the authority ( ex officio , for they are not an elected member of the Senate) to cast a tie-breaking vote . Pursuant to the Twelfth Amendment , the vice president presides over the joint session of Congress when it convenes to count the vote of the Electoral College . As first in the U.S. presidential line of succession , the vice president's duties and powers move to
21024-518: Was borrowed and spent (as is typically the case), increasing the "intra-governmental debt" by $ 183 billion. So the total increase in the "national debt" in FY2008 was $ 768B +$ 183B = $ 951 billion. The Treasury Department reported an increase in the national debt of $ 1,017B for FY2008. The $ 66 billion difference is likely from "supplemental appropriations" for the War on Terror , some of which were outside
21170-447: Was delayed until December 3 when the commission fell short of the supermajority of 14 of 18 votes needed to approve the report. The eleven voting for it were five Democrats (Bowles, Conrad, Durbin, Rivlin, Spratt) and five Republicans (Coburn, Cote, Crapo, Gregg, Simpson) and one Independent (Fudge); the seven voting against it were four Democrats (Baucus, Becerra, Schakowsky, Stern) and three Republicans (Camp, Hensarling, Ryan). During
21316-462: Was released on December 1, recommending a combination of spending cuts (including an increase in the Social Security retirement age and cuts to military, benefit, and domestic spending) and tax increases (including restricting or eliminating certain tax credits and deductions and increasing the federal gasoline tax ). The commission's recommendations were politically controversial. Under
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