Douglas W. Elmendorf, director of the Congressional Budget Office (CBO), estimates that one-third of the federal deficit is due to the current underutilization of capital and labor resources in the economy.

Despite a German parliamentary vote to boost the eurozone's bailout mechanism, Greek sovereign debt levels appear unsustainable and a default may be inevitable. Most economists think the question now is how to make the process orderly.

Amity Shlaes compares the Buffett Rule to Andrew Mellon's campaign to end tax breaks for the rich in the 1920s.

Michael Spence writes that structural change and expansion in the tradable sector will be necessary to restore U.S. economic growth.

President Obama sent this economic plan to Congress on dated September 19, 2011. The plan is summarized in the fact sheet presented here; for the full plan click on the link below.

Sebastian Mallaby urges the European Central Bank to be bold in its bond purchases rather than insisting on deals with numerous strings attached.

Investors and financial markets are growing convinced that Greece will default on its debt, heightening fears of a eurozone banking crisis that would have significant ramifications for an already fragile global economy.

Experts discuss the state of the U.S. and world economies and the need for tighter U.S. fiscal policy.This series is presented by the Maurice R. Greenberg Center for Geoeconomic Studies.

Amity Shlaes points to greater defense spending as a superior form of economic stimulus.

Sharp new fears of an escalation in eurozone debt troubles have intensified debate over whether to spur fiscal integration or risk a wider crisis with serious consequences for U.S. financial markets, experts say.

An interactive multimedia feature that maps out and evaluates multilateral efforts to address some of the most difficult international issues.

The thirteenth Geneva Report on the World Economy addresses fiscal consolidation policy.

Michael Spence argues reduced deficits, restored demand, and investments in productivity and competitiveness can help turn the economic tide.

Benn Steil and Paul Swartz look at the dangers of the European Central Bank's ever-deeper forays into fiscal policy and credit allocation.

Amid fears of another global recession, investors are focused on U.S. policymakers. Restoring confidence in the world's largest economy will require both national sacrifice and innovation--not more Fed intervention, says CFR's A. Michael Spence.

Amity Shlaes advises President Obama to avoid crisis-mode decisionmaking by thinking long-term.

As Germany and France look to contain a mushrooming sovereign debt crisis, the eurozone will have to consider greater political integration or face a crumbling of the common currency zone, says EU expert Daniela Schwarzer.

International financial market upheaval continues in response to eurozone worries and the U.S. Fed's decision to keep its benchmark rate near zero until mid-2013. Analysts are divided on whether the Fed's move will curb volatility.

Global markets' reaction to eurozone turbulence and S&P's downgrade of U.S. debt add uncertainty to U.S. foreign policy, raising questions about which goals the country has the means to pursue, says CFR's James M. Lindsay.

Benn Steil's column in Dow Jones' Financial News takes a critical look at the Washington debt duel.