Want a balanced federal budget? It'll cost you.

The Indicator from Planet Money

NPR

Business

4.7 • 9.2K Ratings

🗓️ 26 January 2023

⏱️ 9 minutes

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Summary

The U.S. reached its debt ceiling last week, and some lawmakers say they won't raise it unless there are also cuts to balance the budget. The problem? That would mean 25% reductions everywhere.

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Transcript

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0:00.0	NPR.
0:07.0	It's been about a week since the federal government hit the debt ceiling, meaning it has reached
0:17.1	the limit of its authorization to pay the government's bills, and now begins a month's
0:23.3	long debate about whether to raise the debt ceiling.
0:26.4	To start off the bidding, some Republican lawmakers say they are not going to support
0:30.3	a debt ceiling raise unless it comes with spending cuts.
0:34.7	And some go even further.
0:36.1	They say for them to be on board, they want Congress to agree to a balanced budget.
0:43.2	This is the integrated from planet money.
0:44.8	I'm Darien Woods.
0:46.0	And I'm Adrienne Ma, a balanced federal budget.
0:49.3	That is where the government's annual revenue is equal to its expenses.
0:53.8	But is that really possible?
0:56.1	And if so, what would it actually take to make that happen?
0:59.9	Today on the show, we speak with someone who has run the numbers, and let's just say
1:04.3	the phrase, an arm and a leg comes to mind.
1:12.6	This message comes from NPR sponsor Burrow.
1:15.4	Made with innovative design and premium durable materials, Burrow's furniture is created
1:20.3	with real life in mind.
1:21.9	And it's delivered to you for free.
1:23.7	Take 10% off your order today at burrow.com slash indicator.
1:29.3	So you ever go to a party and you meet a person and immediately you're like, this person
	...

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