Budget, Debt, and Deficits | Council on Foreign Relations

United States

As the Debt Ceiling Crisis Looms, Allies and Adversaries Are Watching

A U.S. default would send a shock through the global economy and risk the credibility of the U.S. dollar. It would also alarm U.S. allies while presenting a gift to its adversaries.

Blog Post by Heidi Crebo-Rediker February 21, 2023 Renewing America
Economics

Prospects and Consequences of China’s Economic Slowdown

Panelists discuss the cost of China’s zero-COVID policy, the country’s dwindling economic growth, and the consequences of China’s economic slowdown at home and on its international economic relations.

Virtual Event by David Dollar, Emily Feng, Zongyuan Zoe Liu and John C. Bussey December 13, 2022 Greenberg Center for Geoeconomic Studies
Greece

Greece's Debt Crisis Timeline

Timeline by James McBride , Kevin Lizarazo and Jeremy Sherlick October 28, 2022

Economics

C. Peter McColough Series on International Economics With Lawrence H. Summers

Lawrence H. Summers discusses the U.S. economy and inflation, recovery from the COVID-19 pandemic, and the global economic consequences of Russia's invasion of Ukraine. The C. Peter McColough Series on International Economics brings the world's foremost economic policymakers and scholars to address members on current topics in international economics and U.S. monetary policy. This meeting series is presented by the Maurice R. Greenberg Center for Geoeconomic Studies.

Virtual Event by Lawrence H. Summers and Stephanie Flanders April 6, 2022 C. Peter McColough Series on International Economics
Economics

Stephen C. Freidheim Symposium on Global Economics

The 2022 Stephen C. Freidheim Symposium on Global Economics discusses building an inclusive U.S. economy and reforming capitalism to address inequality. The full agenda is available here. This symposium is presented by the Maurice R. Greenberg Center for Geoeconomic Studies and is made possible through the generous support of Council Board member Stephen C. Freidheim.

Virtual Event by Megan E. Greene, Steven Pearlstein, Thomas Philippon, Cecilia Elena Rouse, Afsaneh Mashayekhi Beschloss and Sebastian Mallaby January 12, 2022 Stephen C. Freidheim Symposium
Olympics

The Economics of Hosting the Olympic Games

The costs of hosting the Olympics have skyrocketed, while the economic benefits are far from clear. This has led to fewer states interested in playing host and a search for options to lighten the burdens of staging the big event.

Backgrounder by James McBride and Melissa Manno December 14, 2021

Budget, Debt, and Deficits

What’s at Stake in the Debt Ceiling Showdown

U.S. lawmakers are at loggerheads over raising the limit on government borrowing. Here’s what to know about the debate.

In Brief by Roger W. Ferguson Jr. September 28, 2021 Renewing America
Europe

The Belt and Road Initiative: Forcing Europe to Reckon with China?

In addition to undermining European unity, BRI may also work to cleave the transatlantic alliance. To head off these dilemmas, Europe will need to provide clear alternatives to Chinese infrastructure spending.

Blog Post by Jennifer Hillman and Alex Tippett April 27, 2021 The Internationalist
Kenya

Belt and Road in Kenya: COVID-19 Sparks a Reckoning with Debt and Dissatisfaction

The economic impact of COVID-19 has exposed the underlying fragility of China’s Belt and Road Initiative (BRI) in Kenya, already the subject of scrutiny over corruption, pollution, and debt concerns. BRI fueled an ambitious infrastructure push in Kenya.

Blog Post by Guest Blogger for Africa in Transition March 25, 2021 Africa in Transition
Nigeria

Nigerian Lawmakers Consider a Petroleum Investment Bill

Nigerian lawmakers are seeking passage of a Petroleum Industry Bill (PIB) that would reorganize the oil industry. Since the establishment of civilian government in 1999 after a generation of military…

Blog Post by John Campbell March 24, 2021 Africa in Transition
State and Local Governments (U.S.)

How COVID-19 Is Harming State and City Budgets

The coronavirus pandemic is placing enormous budget pressure on state and local governments, threatening deep and potentially lasting cuts to education, infrastructure, and other important investments.

Backgrounder by Anshu Siripurapu and Jonathan Masters March 19, 2021
Economics

Rescuing States and Cities Amid the Pandemic

Panelists discuss the current state and local budgetary crises brought on by the coronavirus pandemic, policy options available to state and local officials, and implications of these crises for the U.S. economy.

Virtual Event by Shelby Kerns, Eden Perry, Richard Ravitch and Peter R. Orszag December 7, 2020
Economics

Stephen C. Freidheim Symposium on Global Economics

The 2020 Stephen C. Freidheim Symposium on Global Economics will discuss the implications of the coronavirus pandemic on global economic policy. The full agenda is available here. This symposium is presented by the Maurice R. Greenberg Center for Geoeconomic Studies and is made possible through the generous support of Council Board member Stephen C. Freidheim.

Virtual Event by Mark Carney, Keyu Jin, Vincent Reinhart, Beatrice Weder di Mauro, Laurence D. Fink and Sebastian Mallaby December 1, 2020 Stephen C. Freidheim Symposium
COVID-19

How Can Low-Income Countries Cope With Coronavirus Debt?

The coronavirus pandemic has forced countries around the world to take steps to weather the economic shock, often including borrowing. Multilateral institutions, the United States, and China all should do more to help low-income countries manage the debt burden.

Article by Brad W. Setser April 22, 2020
Puerto Rico

What Exactly is in the New Agreement Between Puerto Rico's Board and its Creditors?

How much tax supported debt will Puerto Rico be left with if the Board's most recent proposal is accepted by the courts?

Blog Post by Brad W. Setser February 11, 2020 Follow the Money