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 McKinsey Executive Roundtable Series in International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.
Roger C. Altman and Richard N. Haass say the stakes are too high for the U.S. government to fail to raise the federal debt limit.
Amity Shlaes argues that the automatic debt-control measures modeled after the 1985 Gramm-Rudman plan that are now being proposed may not achieve their intended result.
James Surowiecki writes on the federal budget deficit and healthcare costs.
Roger Altman, Founder and Chairman of Evercore Partners and former Deputy Secretary of the U.S. Treasury, discusses the prospects for solving the U.S. debt and deficit with John Bussey, Washington Bureau Chief of The Wall Street Journal. Altman and Bussey spoke on the sidelines of CFR's 2011 Corporate Conference.
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.
Amity Shlaes says that anyone who wants to block tax increases before it's too late ought to support Paul Ryan's budget plan.
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.
Benn Steil's April column in Dow Jones' Financial News, co-authored with Paul Swartz, argues that the White House OMB's growth forecasts are systematically biased upwards, and that using the lower private or CBO growth assumptions results in about $1.75 trillion more debt over the next ten years than is implied by the president's recent budget.
Sebastian Mallaby says that a government shutdown could undermine the dollar's reserve currency status and thus reduce the United States' ability to project power.
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 state almost everywhere is big, inefficient and broke. It needn't be, says John Micklethwait.
Secretary of State Hillary Clinton's Opening Remarks Before the Senate Foreign Relations Committee
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.
Alan J. Auerbach and William G. Gale provide new estimates of the Federal budget outlook.
John Cranford of Congressional Quarterly writes that increases to the ceiling on federal debt have become highly partisan affairs. If Republicans are united in their intent to use the debt limit to demand tough spending constraints, then brinkmanship, not compromise, may be the driving force behind this year's Congressional vote.
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