Budget, Debt, and Deficits

Foreign Affairs Article

America’s Brewing Debt Crisis

Author: Robert E. Litan

“Although short-term debt poses one of the greatest threats to the financial stability of the United States, Dodd-Frank has done little to mitigate it. Fortunately, several experts have proposed ambitious ways of dealing with the problem, including expanding federal insurance of bank deposits, allowing the Federal Reserve to lend money to more firms in the case of a panic, and banning unregulated financial institutions from issuing runnable liabilities,” writes Robert E. Litan.

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Article

Puerto Rico Debt Legislation Provides Fiscal Oversight Without Overreaching

Author: Brad W. Setser
The Hill

The core of any deal to address Puerto Rico’s imminent debt default long has been clear:  strong fiscal oversight, paired with powerful tools to facilitate a necessary debt restructuring.     But oversight should not overreach, and the new restructuring tools should respect the differences created by existing contracts.   The legislation (PROMESA) that emerged from the House achieves the needed balance; it needs to pass the Senate quickly.

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Article

Instead of Cutting Waste, Nigeria Racks Up Debt to Replace Oil Revenues

Author: Matthew T. Page
World Politics Review

Last week, Nigeria’s Senate passed President Muhammadu Buhari’s proposed 2016 budget, which projected a deficit of $15 billion due to falling oil prices. In an email interview, Matthew Page, an international affairs fellow at the Council on Foreign Relations, discussed the impact of falling oil prices on Nigeria’s economy and politics.

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Primary Sources

Issued by the Office of Management and Budget, the Budget of the United States Government is a collection of documents that contains the budget message of the President, information about the President's budget proposals for a given fiscal year, and other budgetary publications that have been issued throughout the fiscal year. Other related and supporting budget publications, such as the Economic Report of the President, are included, which may vary from year to year.

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Article

Nigeria: Buhari’s 2016 Budget Continues Use of Secretive ‘Security Votes’

Author: Matthew T. Page
African Arguments

Under President Muhammadu Buhari, the fight against corruption in Nigeria has unquestionably turned a corner. Shortly after taking office in May, he vowed to “plug revenue leakages”, made sweeping changes in the notoriously corrupt Nigerian National Petroleum Corporation (NNPC), and took steps to tighten control over public spending.

 

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News Release

Kenneth Rogoff Joins CFR as Senior Fellow for Economics

Kenneth S. Rogoff, a Harvard University professor and former chief economist at the International Monetary Fund, will contribute his expertise to the Council on Foreign Relations as a senior fellow for economics in the Maurice R. Greenberg Center for Geoeconomic Studies. He will continue to be the Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University. 

See more in Global; Financial Crises; Budget, Debt, and Deficits

Event

Media Call: Greek Bailout Agreement

Speaker: Robert Kahn
Presider: Douglas A. Rediker

Council on Foreign Relations Senior Fellow Robert Kahn breaks down the deal and explains what it means for the future of Greece and the European Union. Greece reached an agreement with European creditors that would impose harsh austerity measures in return for a financial bailout.

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Foreign Affairs Article

China's Dangerous Debt

Author: Zhiwu Chen

In September 2008, when Chinese President Hu Jintao got word that Lehman Brothers, then the fourth-largest U.S. investment bank, was on the verge of bankruptcy, he was traveling by van along the bumpy roads of Shaanxi Province. Surrounded by policy advisers and members of the Politburo, Hu asked them how China should respond to the inevitable spillover.

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