What’s at stake in the 2024 election: Federal debt and the implications for government spending and programs

Over the next two decades, the United States’ annual budget deficits are projected to balloon to more than double their historical average while public debt will increase sharply as a share of the economy. Such expansions in government borrowing are unprecedented. To manage government debt and spending, policymakers will face a host of difficult decisions. These include whether to extend the Trump tax cuts after they expire, restore the expanded child tax credit, or address the shortfall in Social Security financing.

The ways the next administration and Congress address these challenges will have important implications not just for the state of the U.S. economy, but on the finances and wellbeing of households and small businesses across the country, including in greater Miami and the state of Florida.

On April 16, the Brookings Institution and Miami Dade College convened to discuss how the next administration and Congress can responsibly manage tax policy and spending priorities while limiting the economic costs of rising public debt. The event opened with remarks from Miami Dade College’s President Madeline Pumariega and featured a keynote from Brookings President Cecilia Rouse. Following President Rouse’s remarks, a panel of experts and local leaders reflected on the policy choices and consequences ahead and responded to questions from the in person audience.

A light breakfast was available beginning at 8:00 a.m. ET. The event was live streamed for those that could not attend in person.

This event was a part of Brookings’ Election ’24: Issues at Stake, an initiative aimed to bring public attention to consequential policy issues confronting voters and policymakers in the run up to the 2024 election. This includes equipping leaders with insights and policy ideas to help them govern in 2025 and beyond.