Fiscal Policy and the Debt

Fiscal policy refers to the federal government's spending, budgeting, and tax policies, as set by the President and Congress and managed by the Budget Office (OMB). Find out how fiscal policy impacts the U.S. economy.
The United States Capitol Building on the National Mall in Washington, D.C.
What Is the Current U.S. Federal Budget Deficit?
how the us debt get so big? Federal budget deficits, low interest rates, social security trust fund, investments from foreign countries, and the debt ceiling
How Did the US National Debt Get So Big?
Man typing at computer overlaid by a calendar
Fiscal Year Versus Calendar Year
Image shows a 10-year treasury note. Text reads: "What to know about the 10-year treasure note: A loan you make to the U.S. federal government, the only one that matures in a decade, the 10-year treasury note yield is also the benchmark that guides other interest rates"
How the 10-Year Treasury Note Guides All Other Interest Rates
A white woman and her daughter shopping with EBT coupons, also known as food stamps, represent the largest racial group that benefits from SNAP in the U.S.
Are You Eligible for Federal Benefits in 2021?
Austerity measures prompt greek riot
Why Austerity Measures Usually Don't Work
Image shows four multi-cultural people in business garb climbing a graph indicating that the deficit has been increasing. Bottom of the graph shows years 2006-2019
US Budget Deficit by Year Compared to GDP, Debt, and Events
National Debt Clock in 2008, when it was expanded to 14-digits.
US National Debt Clock: How Its Warning Affects You
Trump and Obama
U.S. Budget Deficit by President
Text reads: "4 ways the US can pay off its debt: cut government spending; raise taxes; drive economic growth at a faster rate; shift spending to areas that create the most jobs"
Will the U.S. Ever Pay Off Its Debt?
expansionary monetary policy
Expansionary Fiscal Policy Explained
The four main types of inflation.
Beware of These 13 Types of Inflation
President Biden meeting with officials at the White House
US Federal Budget Breakdown
An illustration of the types of fiscal policy: expansionary, with an arrow pointing upward, and contractionary with an arrow pointing downward.
What Is Fiscal Policy?
Senator Mitch McConnell looking at President Trump while the president speaks
Why US Deficit Spending Is Out of Control
WASHINGTON, DC - OCTOBER 05: Sen. Raphael Warnock (D-GA) leaves the U.S. Capitol following a vote on October 05, 2021 in Washington, DC. Senate Majority Leader Schumer said he will bring a vote on a debt limit increase later this week setting up a contentious debate that could lead to the U.S. defaulting on its debt if an increase is not agreed to.
The US National Debt and How It Affects You
Contractionary Fiscal Policy
Contractionary Fiscal Policy: Definition, Purpose, Examples
Illustration showing how the 2020 stimulus checks and 2008 stimulus checks compare
What Is a Stimulus Check?
Woman talking on phone while checking paperwork
What Is the Debt-to-GDP Ratio?
how did Obama increase the national debt? the american recovery & reinvestment act added $787 billion, extending the Bush tax cuts added $858 billion to the debt, and military spending increased to about $800 billion a year
How Much Did Obama Add to the Nation's Debt?
USA, Washington DC, Capitol Building dome and statue
Congress, Sequestration, and Economic Impacts
3 Ways to Measure the Dollar's Value
Costco customers putting gas in their vehicles
How Regressive Taxes Increase Your Costs
A person holding a placard in front of the US Capitol Building
What Is the Public Debt?
Paulson and Bernanke
What Did the Bank Bailout Bill Really Do?
Professional Chartered Accountant Woman Doing Tax
What Is Progressive Tax?
Illustration showing a treasury bill, treasury bond, and treasury note and explaining the differences
How Treasury Bills, Notes, and Bonds Work
What Is the U.S. Debt Ceiling? It’s the limit for how much debt the federal government can have at once. It’s imposed by Congress. Not raising the ceiling could lead to total debt default. Having a debt ceiling focuses national attention on the debt.
What Is the US National Debt Ceiling and Why Is It Important?
Image shows a globe with American flags all over it, and a map of the U.S. with the flag all over it, as well as dollar signs. Text reads: "GNI vs. GNP: GNI (gross national income) measures income earned, including income from investments, that flows back into the country; GNP (gross national product) includes the earnings from all assets owned by residents omitting the earnings of all foreigners living in the country"
What Gross National Income Says About a Country
what to know about the federal budget defecit
How to Reduce a Budget Deficit, from the Government's to Yours
President Barack Obama and Paul Volcker
How the Volcker Rule Protects You
California community hit hard by foreclosure epidemic
Subprime Mortgage Crisis and Its Aftermath
Hispanic family receiving keys to house from realtor
What's the Difference Between Fannie Mae and Freddie Mac?
Financial advisor discussing Treasury yield curve with her client
Beware of the Flattening Yield Curve
Donald Trump pictured at the Republican National Convention. Who is a Trump supporter? Find out here.
Compare the Actual FY 2020 Budget to Trump’s Budget
Women shopping for clothes.
2 Surprising Ways Inflation Helps You
National Debt Clock - U.S. Economy - Fiscal Challenges
The Surprising Truth About the U.S. Debt Crisis
disabled woman
Who Really Is Poor in America?
Discretionary fiscal policy
How the Government Uses and Abuses Discretionary Fiscal Policy
deficit vs debt
The Difference Between the Deficit and the Debt
Man reading latest interest statement with cup of coffee in his living room
Interest on the National Debt and How It Affects You
Foreclosure sign, real estate
How a Country's Debt Crisis Is Different From Yours
WASHINGTON, DC - OCTOBER 06: U.S. Treasury Secretary Janet Yellen (C) listens to President Joe Biden during a hybrid meeting with corporate chief executives and members of his cabinet to discuss the looming federal debt limit in the South Court Auditorium in the Eisenhower Executive Office Building on October 06, 2021 in Washington, DC. Each of the meeting participants spoke in dire terms about the negative national and global economic reaction to Congress failing to raise the limit and the U.S. defaulting on its debt.
Will the US Ever Default on Its Debt?
Couple meeting with a lender
How FIRREA Protects You from Bank Swindles Today
Marines from the 3rd Marine Aircraft wing walk by a V-22 Osprey
Compare What Trump Spent in 2017 to the Official Budget
Simpson Bowles
Simpson-Bowles Plan: 6 Real Steps to Fix the Debt
Bernanke, Bush, Paulson didn't avoid the financial crisis
Could the Financial Crisis Have Been Avoided?
The Fannie Mae and Freddie Mac bailout led to many foreclosures and home auctions.
What Was the Fannie Mae and Freddie Mac Bailout?
Saving for the future is serious business
How the Government Mortgage Bailout Affected You
President Biden speaking at his desk
How the Federal Budget Is Created
Person cutting up stacks of money using a sharp knife indicating a fiscal year budget
How Bush and the Fiscal Year 2008 Budget Missed the Recession
woman with tool
Did Fannie and Freddie Cause the Mortgage Crisis?
FY 2012 budget
How the 2012 Budget Created the 2011 Debt Ceiling Crisis
FY 2010 budget announcement with President Obama and VP Biden
Fiscal Year 2010: Obama's First Budget and What Was Actually Spent
Federal budget FY 2015
Thank Sequestration for a Smaller Deficit in FY 2015
President Bush and President Obama
The Story Behind the Largest Deficit in U.S. History
FY 2016 Budget
What Obama Budgeted in 2016 and What Congress Spent
fy 2011 budget
How the 2011 Budget Almost Caused a U.S. Debt Default
The president and Congress are responsible for deficit spending.
How Overspending in 2006 Contributed to the Recession
President George W. Bush at Walter Reed Army Medical Center
FY 2007 Federal Budget and Spending