The U.S. federal government ran a deficit of $1.7 trillion in 2023. This year, net interest payments on the debt alone amount to over $800 billion — more than the country’s entire defense budget.
John W. Diamond, director of the Baker Institute Center for Public Finance, explains what’s driving the rising debt level, why it’s unsustainable, and why there’s no end in sight without comprehensive fiscal reform.
This conversation was recorded on June 18, 2024. A transcript is available here. This text was AI-generated and has not been through editorial review.
Discussants
John W. Diamond, Ph.D.
Edward A. and Hermena Hancock Kelly Fellow in Public Finance and Director, Center for Public Finance, Baker Institute
The Honorable David M. Satterfield
Director, Rice University’s Baker Institute for Public Policy; Janice and Robert McNair Chair in Public Policy
Baker Briefing is a podcast that tackles the most critical foreign and domestic policy issues of the day in conversations with experts at the Baker Institute. Hosted by the Honorable David M. Satterfield, director of the Baker Institute, new episodes are released weekly.
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