Puerto Rico’s debt crisis has entered a new stage. Without congressional action and deeper reforms, the island could find itself unable to provide basic services, says CFR expert Brad Setser.

Some of Obama’s budget proposals are sound policy, but congressional gridlock and faster economic reforms in China and Europe could jeopardize U.S. competitiveness, says Economist.com editor Ryan Ave…

Special tax incentives have enabled Puerto Rico to borrow irresponsibly for years, and now the island must take painful steps to balance its budget, explains expert Matt Fabian.

A protracted debt default would have serious global repercussions, but even without a default, a likely downgrade of U.S. debt and the absence of a fiscal reform plan are weakening the U.S. and unset…

Cutting the federal deficit is seen as essential for reviving the country’s economic standing. CFR’s Peter Orszag looks at some of the pros and cons of recommendations by a presidential commission’s …