Testimony before the US House Budget Committee Hearing
12/11/2024
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HKS Authors

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Douglas Elmendorf Photo
Douglas Elmendorf
Lucius N. Littauer Professor of Public Policy; Harvard University Distinguished Service Professor

Abstract

Federal debt is now roughly equal to the nation’s annual output, or GDP (gross domestic product). That is nearly the highest level in our history and almost three times the level in 2007 before the global financial crisis.

Citation

Elmendorf, Douglas. "Hearing on “Sounding the Alarm: Pathways and Possible Solutions to the U.S. Fiscal Crisis”." Testimony before the US House Budget Committee Hearing, 12/11/2024.