The US national debt (which excludes what the government owes itself) is expected to surpass the all-time record of 106% of Gross Domestic Product (GDP) by 2029. To put that in perspective, the average over the last 50 years was about 49% of GDP. Check it out:
Chart: U.S. National Debt by Year, by Hiranmayi Srinivasan/Investopedia. Updated May 25, 2025. Link: https://www.investopedia.com/us-national-debt-by-year-7499291
My goal in this series is to figure out how to reduce the debt to a manageable level. In this quest, I’ll follow the guidance of the Committee for a Responsible Federal Budget (CRFB), which says that the federal government will need identify around $8.1 trillion in tax increases and budget cuts* to stabilize debt at 100% of the economy by 2035. So that’s what I’m going for.
Next: First Attempt
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* The CRFB had a deficit reduction figure of $7.8 trillion on their main Debt Fixer page, but a 2025 CRFB blog had increased it to $8.1 trillion. However, CRFB’s figures do not yet reflect the enactment of the One Big Beautiful Bill Act (OBBBA) nor the new tariffs enacted in 2025. They plan to release an updated Debt Fixer soon. For now I’ll will stick with the $8.1 trillion deficit reduction goal and debt/GDP targets.
Reference:
Fix the National Debt, The Committee for a Responsible Federal Budget. https://www.crfb.org/debtfixer. Accessed on July 15, 2025.