The New Liberal Podcast
Are we sleepwalking into a budget crisis? ft. Jessica Riedl and Ben Ritz
Apr 2, 2025
Jessica Riedl, a Senior Fellow at the Manhattan Institute with deep Republican roots, and Ben Ritz from the Progressive Policy Institute, discuss the looming budget crisis. They analyze the 2025 Republican budget proposal and its potential to worsen the national debt. The conversation covers the implications of congressional spending decisions, the disparity between fiscal cuts and real savings, and the rising deficits’ impact on everyday families. They emphasize the urgent need for bipartisan solutions to tackle these financial challenges head-on.
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Quick takeaways
- The current federal budget deficit of $1.8 trillion is projected to worsen significantly, potentially reaching $3.6 trillion over the next decade.
- Political polarization severely hampers bipartisan cooperation on deficit reduction, increasing the risk of fiscal crisis and program insolvency.
Deep dives
Current State of the Federal Budget
The federal budget is currently facing a significant deficit of $1.8 trillion annually, projected to grow to $3.6 trillion over the next decade under existing policies. Recently, Congress passed a continuing resolution, maintaining discretionary spending levels similar to the previous year, which affects various federal programs. The congressional budget resolutions set a framework for future spending and tax cuts, with Republicans aiming to reduce taxes by approximately $4.5 trillion while potentially saving $1.5 trillion from mandatory spending measures. This ongoing budgetary situation highlights the challenges of managing rising deficits and the debate surrounding fiscal responsibility.
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