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 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.

Discussants

John 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