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The Latest Breaking News from The Committee for a Responsible Federal Budget

Trump pledged fiscal restraint. Instead, debt tops $40 trillion as borrowing costs rise

US debt: While voters may not focus on the issue until the country's fiscal problems translate into benefit cuts or tax hikes, the fallout hits them just the same in the form of high mortgage interest rates that track yields on government debt and inflation outpacing wage hikes.

The Economic Times

'Just really shocking': One of America's top Social Security advisors is unsettled by how many people are withdrawing early

Martha Shedden says panic over the program’s finances is pushing clients into early claiming decisions they’ll regret. She also says, ”Don’t blame boomers.”

Fortune

Could Your Social Security Check Drop by $500 a Month? These States Face the Biggest Losses

A $500 monthly cut would mean finding another $6,000 every year for groceries, utilities, insurance, housing, and healthcare, which is an enormous adjustment for someone...

Saving Advice

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Trump Said He Wouldn’t Cut Social Security. So Why Is Its Financial Outlook Getting Worse?

President Donald Trump has repeatedly said he wants to protect Social Security rather than cut retirees’ benefits, yet the program’s latest financial report contains some...

Saving Advice

Trump's new $950 billion tariff scheme still leaves a 40% shortfall in his grand plan to rebalance the $39 trillion national debt, finds budget study

"We currently estimate that the tariffs enacted and proposed under this administration since January 2025 will generate about $825 billion less revenue through FY 2036 than estimated," the Committee for a Responsible Federal Budget says.

Fortune

The $39 trillion national debt just got its own version of the viral Doomsday essay

Centrist political group No Labels is using science fiction to sound the alarm: "Neither party has any credibility on the debt or deficit right now."

Fortune

Here’s How Much More Would You Need to Save if Social Security Is Capped at $50K

The "Six Figure Limit" proposal from the Committee for a Responsible Federal Budget looks to target top earners to help close part of the funding gap.

GOBankingRates

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The U.S. government is spending $88 billion a month in interest on national debt, equal to its spending on both defense and education combined

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, called on lawmakers to “ultimately fix the broken process that got us into this mess.”

Fortune

New Proposal Caps Social Security Benefits at $50K Yearly for Wealthy Retirees to Mitigate Insolvency Risks

A new proposal from the CRFB suggests capping Social Security benefits at $50,000 for high-earning retirees to prevent a total system failure by 2032. The move targets the top 0.05% of earners to shield the bottom 90% from an automatic 24% benefit slash. Senior advocacy groups like AARP warn the…

International Business Times UK

'The conflict in Iran demonstrates why we need to keep our national debt at a reasonable level': think tank sees economic emergency around the corner

The Committee for a Responsible Federal Budget warns that war spending could tip into a fiscal crisis — and it's calling for a pre-built escape plan.

Fortune

America’s national debt borrowing binge means interest payments will rocket to $2 trillion a year by 2036, CBO says

Annual interest payments will double to $2.14 trillion by 2036, nearly double the yearly budget for spending on defense.

Fortune

America borrowed $43.5 billion a week in the first four months of the fiscal year, with debt interest on track to be over $1 trillion for 2026

“The longer lawmakers wait, the higher the price for Americans,” warned Maya MacGuineas, president of the Committee for a Responsible Federal Budget.

Fortune

President Trump just missed a key deadline to share his spending plans: Fears are mounting about what that means for $38.5 trillion national debt

“We won’t be able to fix the debt without touching Social Security, Medicare, defense, or revenue—the math just doesn’t work. And we can’t count on heroic growth rates or crashing interest rates,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget (CRFB).

Fortune

'Some form of crisis is almost inevitable': The $38 trillion national debt will soon be growing faster than the U.S. economy itself, watchdog warns

"The United States is deeply indebted, and its finances are on an unsustainable long-term trajectory," says the Committee for a Responsible Federal Budget.

Fortune

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Benzinga

$1,000 Bigger Refund In 2026? Trump Says Yes

Your federal income tax refund could jump by roughly $1,000 in 2026, thanks to a new slate of tax breaks that take effect for the 2025 tax year.

Fortune

The shutdown 'accomplished nothing and caused significant harm' to many people, budget watchdog says, giving 'new meaning to fiscal irresponsibility'

"It's hard to imagine the bar for dysfunctional government getting any lower than it is right now," said the Committee for a Responsible Federal Budget.

Benzinga

Social Security Faces Insolvency In 7 Years — Committee Proposes COLA Cap For Wealthier Retirees

In a bid to tackle the impending insolvency of Social Security, the Committee for a Responsible Federal Budget has put forward a proposal to limit the Cost-of-Living Adjustments (COLAs) for those receiving the largest benefits.

Fortune

Trust funds that finance Medicare and Social Security are at risk of insolvency within 7 years, cutting benefits up to 24%, a new report warns

A couple turning 60 this year would face an $18,400 Social Security cut, according to the Committee for a Responsible Federal Budget.

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Kiplinger

Is Trump's Tax Plan Speeding Up the Looming Social Security Funding Crisis?

Social Security's combined retirement funds are running out of cash, and its insolvency date is expected to occur in less than a decade.

Fortune

This ‘economic sugar high’ won’t last, CRFB warns, touting analysis predicting long-term stagnation and $600 billion in annual borrowing through 2028

“An economic sugar high doesn’t mean sustained growth,” says the Committee for a Responsible Federal Budget. This happened in 2017, too, it notes.

Benzinga

Warren Buffett's 2005 Warning Echoes Louder As Social Security Faces $18,100 Benefit Cut By 2033, CRFB Warns

Social Security is seven years from a fiscal cliff that would slash benefits for millions of retirees unless Congress acts, a new analysis by the Committee for a Responsible Federal Budget (CRFB) warns.

The Guardian - US

Trump tax bill to add $3.4tn to US debt over next decade, new analysis finds

Congressional Budget Office report estimates bill will leave 10m more Americans without health insurance by 2034

Reason

Trump Has No Discernible Interest in Fiscal Responsibility

The president-elect’s record and campaign positions belie Elon Musk’s talk of spending cuts.

Roll Call

Campaign-trail tax proposals face difficult road to passage - Roll Call

The hefty national debt and trillions of dollars in tax breaks due to expire next year are likely to complicate passage of pricey new plans.

Fortune

Trump would make Social Security insolvent by 2031, report says

The Committee for a Responsible Federal Budget said Trump’s plans would eventually slash payments to retirees by one-third.

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