The US Treasury recently increased the size of its securities auctions to help accommodate a widening Federal deficit. With the biggest pandemic stimulus bills in the rearview mirror, bond investors are worried that big deficits are no longer a temporary phenomenon. Rising interest rates, demographic changes, and a gridlocked political climate are complicating any easy path to budget reform. In this episode, we talk with Marc Goldwein, Senior Vice President and Senior Policy Director at the Committee for a Responsible Federal Budget, about the primary drivers behind recent Federal deficits and how to think about the future budget trajectory.