CRFB.org

☑️Objective. ☑️Nonpartisan. ☑️Committed to Fiscal Responsibility. Follow the Committee for a Responsible Federal Budget for our latest analysis of what's shaping the fiscal conversation in Washington. 🔗crfb.org/ | 📲@BudgetHawks

🗣️"Whatever our politics, we all want to leave the next generation better off. But with the national debt setting record after record, we’re clearly not holding up our end of the bargain." A new op-ed by MN representative @KRobbinsMN in the @StarTribune calls for fiscal discipline in Congress to address the nation's unsustainable fiscal path. Throughout the piece, she highlights the importance of PAYGO to offset all new spending or tax cuts. Read the full op-ed here 👉 startribune.com/national-deb….

📰 ICYMI: History repeats itself. Will Washington learn? This morning, CRFB Co-chair and former MN Congressman @Tim_Penny published an opinion piece in @dcexaminer highlighting the fiscal implications of the midterm elections. Throughout the piece, he makes the case for divided government as a way to achieve fiscal responsibility if lawmakers agree to compromise and put the country's priorities before their party's interests. Read the full piece here ➡️ washingtonexaminer.com/op-ed….

🚨NEW: 12-Month Rolling Deficit is $2.1 Trillion in October 2026 The federal government borrowed $2.1 trillion over the past 12 months – November 2025 to October 2026 – based on estimates from the @USCBO. Read more about the 12-month rolling deficit here 📈 crfb.org/blogs/12-month-roll….

🔗crfb.org/press-releases/cbo-….

🚨NEW: CBO Estimates $409 Billion Deficit for First Month of Fiscal Year 2027 The United States borrowed $409 billion in the first month of Fiscal Year 2027, according to the latest Monthly Budget Review from the @USCBO. The following is a statement from CRFB President @MayaMacGuineas ⤵️

🎥 ICYMI: CRFB President @MayaMacGuineas joined Bloomberg TV's @business "Businessweek Daily" to discuss the fiscal implications of the 2026 midterm elections. Throughout the interview, Maya highlighted the affordability concerns affecting Americans and pointed to meaningful deficit reduction as a way to lower costs.  She also noted the need for tough tradeoffs to stabilize the debt, aiming for realistic long-term policy goals (such as 3% of GDP deficits), and need for a bipartisan fiscal commission to tackle the politically difficult choices our elected officials will need to make. Watch the full interview here ➡️ youtube.com/watch?v=chqLEXOZ….

🔗 crfb.org/press-releases/midt….

🚨 NEW: Midterm Message: Addressing Affordability Concerns Starts with Deficit Reduction Press reports have called the midterm elections, resulting in new majority control of the House and Senate in the 120th Congress. The new Congress will be sworn in and face historically high debt and deficits, elevated inflation, rising interest rates, trust fund programs facing insolvency, and an increasingly challenging geopolitical environment. The following is a statement from CRFB President @MayaMacGuineas ⤵️

🚨Lame Duck Session Shouldn’t Be an Excuse to Borrow More Through the end of 2026, there may be significant pressure on lawmakers to pass a litany of different priorities to “clear the decks” for the next Congress. Congress should avoid adding to the debt with any unpaid-for spending increases or tax cuts during the lame-duck session. In the coming weeks, Congress will need to resolve the government funding deadline, which is set to expire on December 11 after a CR was enacted in September. Yet some have called for going beyond setting FY 2027 discretionary spending levels, suggesting that increased defense, health care, agricultural, infrastructure, and education funding, among other potential policies, could become part of an end-of-year agreement. In total, we estimate that these policies could cost $200 billion or more on a temporary basis or up to nearly $1 trillion on a permanent basis. Learn more about the cost of potential lame duck policies💰crfb.org/blogs/lame-duck-ses….

📰 NEW FROM @thehill @Tim_Penny: This election, trust the candidate that dares to touch Social Security This morning, CRFB Co-chair and former MN Congressman @Tim_Penny published an opinion piece in @thehill highlighting the issue of looming Social Security insolvency in the midterm elections. With the program slated to go insolvent in less than 6 years, Penny emphasizes the importance of this midterm election cycle as the senators elected this year will need to address the shortfall before their term is up. As 70 million American’s rely on Social Security, he suggests several options for shoring up the program including extending the payroll tax to higher income levels, linking the retirement age to longevity, capping COLA for wealthier retirees, and offering a flat rate COLA. Click here to read the full piece ➡️ thehill.com/opinion/campaign….

🏥 NEW: Tax Reform Options for Nonprofit Hospitals About half of all U.S. hospitals are designated as “charitable” nonprofit institutions by the IRS, meaning that they are exempt from most taxes and are eligible to receive tax-deductible donations and issue tax-exempt bonds. Although nonprofit hospitals are supposed to deliver “community benefits” in exchange for this tax-preferred status, our research shows they often fail to meaningfully do so. They do, however, impose a significant fiscal cost on the federal government despite being more profitable than actual for-profit hospitals. Last week, @TaxFoundation released a report outlining options to reform the tax status of non-profit hospitals – building on several options we released in 2024. They estimate these options could generate from $5 to $225 billion in revenue over the next decade. Click here to learn more about the options for reforming the tax treatment of nonprofit hospitals ➡️ crfb.org/blogs/tax-reform-op….

🔗 youtube.com/watch?v=EcH15J4s….

📈 What is driving inflation? CRFB President @MayaMacGuineas breaks down the affordability issue affecting millions of Americans on @smerconish's "Can We Agree?" by tracing the growth of federal borrowing – especially post-COVID – to the rise in inflation. She further adds that continued borrowing continues squeezing the budget and leaves little room to address the affordability challenges Americans face today ⤵️

"With Social Security insolvency rapidly approaching and policymakers exploring changes to benefits and taxation, Congress could look to base-broadening reforms like the ECT as a guide for how to think about taxing compensation and broadening the tax base." Great piece from @TaxFoundation's @alex_durante_ on our proposal for an Employer Compensation Tax (ECT) – one of several novel #TrustFundSolutions we've proposed to shore up #SocialSecurity before insolvency arrives in 2032. Learn more➡️crfb.org/papers/employer-com….