Committee for a Responsible Federal Budget President Maya MacGuineas discusses tariff revenue and how President Donald Trumps tax bill will affect the deficit on Mornings with Maria.
The federal government’s gross national debt topped $37 trillion for the first time in history last week, and the U.S. has room to add trillions of dollars more to the debt following the enactment of the One Big Beautiful Bill Act (OBBBA).
President Donald Trump on July 4 signed OBBBA into law, which included a $5 trillion debt limit increase to avert a potential stand-off over the borrowing limit that was projected to be reached later in the summer. Failing to raise the debt limit could put the U.S. government at risk of defaulting on its debt obligations, which would roil financial markets and likely lead to higher interest rates on the debt to account for that risk.
The debt limit has been used by both parties as leverage to secure their…
