The Daily LedgerSection
Explainers
No jargon, no spin. The core concepts behind every number we publish.
Explainer | Deficit
What is the federal deficit, and how is it different from the debt?
The two most confused words in fiscal policy, untangled.
Explainer | Debt
How big is the U.S. national debt?
The $40 trillion figure, what it includes, and how it is measured.
Explainer | Spending
Where does the federal government’s money go?
Social Security, Medicare, defense, interest: the full map.
Explainer | Revenue
Where does the federal government’s money come from?
Income taxes, payroll taxes, corporate taxes, and the rest.
Explainer | Debt
Who does the U.S. owe money to?
Japan, the UK, China, and the biggest holder of all.
Explainer | Debt
What is the debt ceiling?
The statutory limit on federal borrowing, explained.
Explainer | Analysis
Does the national debt matter?
Both sides, fairly presented.