Updated January 8, 2013
What's the difference between debt and deficit? The Bureau of the Public Debt website defines deficit as "the fiscal year difference between what the U.S. Government takes in from taxes and other revenues...and the amount of money the Government spends" and defines debt as "accumulated deficits plus accumulated off-budget surpluses."
What does the "fiscal cliff," a combination of tax increases and spending cuts, mean for deficit reduction? The CFR.org Backgrounder on What Is the Fiscal Cliff? explains that the fiscal cliff will "automatically slash the federal budget deficit by $503 billion between FY 2012 and FY 2013," based on Congressional Budget Office data.
Research Links on Debt and Deficits are divided into:
(2008-present, weekly) "non-partisan, plain English analysis of budget, appropriations, and tax issues, as well as efforts to address the looming fiscal crisis."
History of public debt in the United States and research guides on the debt ceiling and current federal budget debate. See related publications in CFR's Renewing America: Debt and Deficits, CFR.org's Backgrounder on U.S. Deficits and the National Debt.
1700s, 1800s, World Wars, Postwar, Today; timeline of saving bonds.
Electoral issue, Challenge, Problems, Solutions
Policy basics; three charts to explain stabilizing the debt, discretionary spending, and Bowles-Simpson; subtopic pages on Congressional Action, Deficits and Projections, President's Budget, Process; related blog posts and new publications
Backgrounders, weekly Budget Report updates, blog posts, data indicators. Other issue guides include: Budget Process, Discretionary Spending, Federal Budget, Fiscal Commissions, Health Care, National Defense, Social Security, Tax Policy.
Measuring debt and deficit; report includes charts, analysis, with state and local perspectives. Related reports, issues, and links.
See also: Government's Financial Condition. From series of free short online education videos.
Provides sources for data on total debt and revenue, largest budget items, money creation, trade numbers, state and world debt clocks. "About" includes history of money and banking.
"What You Need to Know," with links to original sources, related research and headlines. Other fact sheets include: Investing in America, Truth on Taxes, Jobs and Recovery, Social Security: Built to Last.
(2011) difference between Congressional Budget Office's 2001 projections and actual debt today.
Publications, hearings, letters on debt limit
See also section on Ratings Agencies.
Treasury Yields, Federal Reserve Rates, Municipal Bond
GDP & personal income, GDP by industry, international interactions.
1990, 2000, 2010, and projected 2020
(2007 is latest released; 2012 to be conducted in December) economic census profiles U.S. national and local economies every 5 years; forms go out to more than 4 million businesses
Includes historical, monthly, outlook, cost estimates, and debt.
12 monthly indicators, including retail, construction, current account balance, manufacturing, trade balance.
(Generally 1940 or earlier to 2013 or 2017) budget receipts, outlays, surpluses or deficits, Federal debt, and Federal employment. OMB site includes Analytical Perspectives
Data on who holds debt, historical, monthly, and daily updates, 1791 to present. More in "Charts & Analysis" menu tab.
By Data Source (Prime or Sub Award), by Type of Spending, and by Government Agency.
Debt Load, Collision Course, Liquid Courage
Research on sovereign issuers of debt; see also pages on supranationals and international financial outlook. Free registration required for many reports; some available through subscription.
Free registration to open up individual country profiles.
List of current credit rating agencies, with link to Division of Trading and Markets page on the agencies, containing SEC releases, transcripts of hearings, and selected No-Action letters by SEC staff.
Division of Treasury Department
Saved search for "debt" in Federation of American Scientists collection of CRS reports.
(1923-present) documents & supporting data that contains the budget message of the President. Prior to 1971, the report was prepared by the Bureau of the Budget. From 1972 it has been prepared by the Office of Management and Budget.
Reports on how Federal Reserve is dealing with crisis.
Bipartisan commission, led by Alan Simpson and Erskine Bowles, to identify policies to improve the fiscal situation in the medium term and to achieve fiscal sustainability over the long run. Agendas, minutes, and videos of meetings; final plan, "Moment of
Research on economic and consumer policy, financial markets and institutions, international financial organizations, tax policy; data and charts.
Reports and statements of Treasury Department Staff
State and local revenues, expenditures, and debt. See also Census data on public retirement systems (Annual Survey of Public Pensions: State & Local Data.)
Includes overview, news, policy basics.
Briefs, research reports, and working papers on Social Security, state and local pensions, health and long-term care, financing retirement, and older workers. Other features include interactive tools for tracking retirement preparedness and financial secu
Aggregates analyses of state budget performance and publishes fiscal surveys and issue briefs. Resources include proposed and enacted budgets, office directory, and related associations.
Hot Topics page includes state budget update, closing budget gaps, state economic stimulus plans, and unemployment and personal taxes.
Produces City Fiscal Conditions and other research reports, and supports CitiesSpeak blog.
Includes articles on issues like fiscal trends, state revenue reports, data, education finance, healthcare finance.
Subtopics include Pensions and Retiree Health Care.
"Nonpartisan, independent, nonprofit organizations in each of 40 states and the District of Columbia. They share a commitment to rigorous policy analysis, responsible budget and tax policies, and a particular focus on the needs of low- and moderate-income
See also section on Ratings Agencies.
Websites and speeches of central banks around the world, research on monetary and financial stability, and statistics on external debt, banking, securities, derivatives, exchange rates, property prices.
(September 19, 2012) "Interactive overview of debt in the world's biggest economies." Sections on government, household, financial and non-financial.
Compiles data from BIS, IMF, OECD, and World Bank on "components of countries' external debt and selected foreign assets."
Topics include sovereign borrowing, sovereign debt, financial market trends. See also topic page on private pensions.
Historical and country comparisons.
(January 2013) projects the date of the government borrowing limit, actions Treasury could take to fund operations, and costs of the debt limit standoff to the American taxpayer. Includes related recent news from other sources.
Commentary, testimony, blog posts. Subtopics: Federal Budget, Taxes, State and Local Finance, Earned Income Tax Credit, U.S. Budget Deficit, Domestic Discretionary Spending, Estate Tax, Debt Limit Debate, Tax Reform, Corporate Taxes, U.S. Deficit Reductio
"Dedicated to educating the public about the causes and consequences of federal budget deficits, the long-term challenges facing America's unsustainable entitlement programs, and how to build a sound economy for future generations."
Main organization for U.S. Budget Watch, Peterson-Pew Commission, Stimulus.org, Fiscal Roadmap, Moment of Truth, and Go Big. Interactive tools, like Budget Simulator (compare provisions of deficit reduction programs) and Comparison Grid (compare fiscal pl
"To compel government to produce financial reports that are understandable, reliable, transparent and correct."
Collaboration of Demos, Economic Policy Institute, and the Century Foundation
Essential Reading from the Peterson Institute. Related hot topics: Global Financial Crisis and U.S. Debt
Reports from 2002-2012
Design, purpose, and results of Troubled Asset Relief Program (TARP) programs, such as auto, housing, banking,and investment bailouts.
Status of the Social Security and Medicare programs.
Office of Management and Budget's single searchable website for each Federal award, including which entity receives how much funding.
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