The Problem With a $2 Trillion Deficit

Over a year, the federal deficit — the gap between what the U.S. government spends and what it earns — has doubled, to nearly $2 trillion.

That figure seems to validate the worries of congressional Republicans about government spending, which have been at the center of the messy fight over who should be House speaker.

Jim Tankersley, who covers economic policy at the White House for The Times, explains the Republicans’ concerns — and why their plans would not come close to solving the problem.

Guest: Jim Tankersley, an economic policy correspondent for The New York Times.

Background reading: 

The U.S. deficit effectively doubled in 2023.This is why the federal deficit is growing.

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