Twenty years ago, the United States was the world’s largest creditor nation, unsurpassed in its ownership of assets outside of its borders, even after deducting what foreigners owned inside its borders. Yet over the past two decades, America has been transformed into the world’s largest debtor nation.
The president's annual address set the stage for more political wrangling over U.S. fiscal policy at a time when decisiveness is crucial for the economy, writes CFR's Robert Kahn.
Policymakers must act swiftly post-election to approve a viable fiscal plan or trigger market volatility and severe damage to the U.S. economy, writes CFR's Robert Kahn.
Gridlock over raising the debt ceiling has already tarnished Washington's image and failure to address the problem in one month could cause enormous global financial upheaval, writes CFR's Sebastian Mallaby.
What does 2014 have in store for the global economy? Five experts identify the most important trends, challenges, and opportunities in the upcoming year.
What are the implications for U.S. global competitiveness of running large budget deficits, and what should be done to reign in the fiscal shortfall? Five experts provide their take on the risks and recommend solutions.
The White House's proposed budget for FY2012 tries to balance spending cuts with investment to boost competitiveness. CFR experts examine how well it handles deficit reduction, defense, foreign aid, and spurring innovation.
A new proposal by the bipartisan "Gang of Six" to reduce deficits by nearly $4 trillion could gain traction among House Republicans, with polls showing greater public support for raising the debt ceiling as the August 2 deadline approaches, says CFR's Sebastian Mallaby.
President Obama today used his bully pulpit to press Republicans for a deal on raising the U.S. debt ceiling but both sides appear set to take their dispute to the final moments, as financial markets watch anxiously, writes CFR's James Lindsay.
President Obama's round of speeches on reducing the deficit should put more emphasis on restoring U.S. competitiveness and less on the sacrifices rich Americans must make to pay down the country's debts, says CFR's Amity Shlaes.
President Obama's competing deficit-cutting plan stimulates a crucial debate with Republicans that will have major consequences for U.S. and global growth, but no compromise appears imminent, says CFR's James Lindsay.
The deal to avert a government shutdown may provide some desperately needed momentum for U.S. political leaders to take on the country's debt and deficit crisis and restore its global fiscal reputation, writes CFR's Sebastian Mallaby.
The mounting budget battle in Washington and looming federal debt limit raises concerns about the ability of U.S. lawmakers to tackle the country's enormous deficit and debt, writes CFR's James Lindsay.
The U.S. government shutdown raises troubling questions about American predictability and feeds doubts about the ability of Congress to be a partner with the White House on foreign policy, says Richard N. Haass, CFR President and author of Foreign Policy Begins at Home.
As the center of the eurozone debt crisis shifts to Spain, it could signify a potentially decisive phase in the EU's management of the crisis, says economist Megan Greene.
The European sovereign debt crisis is compounded by a faltering U.S. economy, making the implementation of an EU-wide federal budget and coordination of nation-state budgets necessary to preserve the single currency, says economist Jacques Attali.
Despite global market fears of a U.S. credit downgrade, U.S. treasuries will remain the safest bet for international investors, says global economics expert Kent Hughes.
The U.S. debt ceiling and deficit debate has led to challenges on foreign aid spending, but while aid could be leaner and more effective, CFR's Stewart Patrick argues Congress should look to consolidate programs rather than simply cut them.
The bipartisan deficit reduction plan stresses the need to tighten U.S. foreign policy priorities, even if U.S. allies fail to pick up the slack, says expert Michael Mandelbaum.
The authors argue that it is essential to begin working now to expand and establish rules and norms governing armed drones, thereby creating standards of behavior that other countries will be more likely to follow.
The author examines Pakistan's complex role in U.S. foreign policy and advocates for a two-pronged approach that works to quarantine threats while integrating Pakistan into the broader U.S. agenda in Asia.
The authors assess the political, security, and economic challenges facing U.S. policymakers in Afghanistan and evaluate a range of policy options.
Maximalist finds lessons in the past that anticipate and clarify our chaotic present, revealing the history of U.S. foreign policy in an unexpected new light. More
This clear and authoritative book presents a sweeping account of China's global resource quest and the unrivaled expansion of its economy. More
The story of the tragic and often tormented relationship between the United States and Pakistan, and a call to prepare for the worst, aim for the best, and avoid past mistakes. More