Fiscal Crises News Today

The repercussions of a first-ever default on the US federal debt would quickly reverberate around the world. Experts say that no corner of the global economy would be spared

Failing to lift the debt ceiling has catastrophic effects for the US and the world. It could bring down the entire international financial system. This in turn could devastate the world gross domestic product and create mass unemployment

Over the last 25 years, the federal Judiciary has faced several fiscal emergencies, including sequestration and two government shutdowns. Each event illustrates how the Judicial Conference of the United States has transformed the way federal courts manage their finances.

Toggle open close The story of how the Laffer Curve got its name begins with a 1978 article by Jude Wanniski in The Public Interest entitled, "Taxes, Revenues, and the Laffer Curve."1 As recounted by Wanniski (associate editor of The Wall Street Journal at the time), in December 1974, he had dinner with me (then professor at the University of Chicago), Donald Rumsfeld (Chief of Staff to President Gerald Ford), and Dick Cheney (Rumsfelds deputy and my former classmate at Yale) at the Two Contine...