Debt & Deficit - Page 3 of 5 - Taxpayers for Common Sense

The U.S. has run annual deficits every year since the early 2000s, and those deficits have pushed the national debt to levels not seen since World War II. That debt now carries a steep price: in 2024, interest payments alone hit $1 trillion and are projected to keep rising, consuming resources that could be used for other national priorities.

We work to ensure the long-term consequences of persistent deficits and rising debt aren’t ignored. Our research highlights how current fiscal trends threaten economic stability and burden future taxpayers. We advocate for policies that reduce deficits and slow the growth of debt relative to the economy—through more efficient spending, eliminating wasteful programs, and improving revenue policy without overburdening taxpayers.

We also shed light on the debt limit—a mechanism created during World War I to streamline borrowing authority. In recent years, it’s become a tool of political brinksmanship. Defaulting on obligations already approved by Congress and the President risk the full faith and credit of the U.S. Treasury and would be reckless and costly. Our goal is to move the debate beyond partisan posturing and toward responsible fiscal management that protects taxpayers and strengthens the nation’s financial footing.