What can the U.S. government do to close the budget deficit?

The U.S. government overspent by $1.9 trillion billion for fiscal year 2026, representing nearly 6% of gross domestic product, according to the Congressional Budget Office. That budget shortfall means the Treasury Department will issue more debt to cover the difference between spending and revenue. Public debt will exceed GDP this year and could reach 120% of GDP by 2036, according to CBO projections.

“Outlays are large by historical standards — and growing,” while revenues are expected to remain steady, according to the CBO.

A key component of reducing the deficit is to raise more tax revenues. Given political headwinds, how could that happen? In this webinar, leading experts will discuss the prospects and challenges for raising more revenues from corporations, imports, bequests and inheritances, and digital service.

Each of these revenue sources are opportunities to fill the government’s coffers but also come with challenges related to collection, possible adverse economic effects and fairness. The Journalist’s Resource, in collaboration with EconoFact, is hosting this webinar to help inform reporting on the budget deficit in the United States.

Tune in on Oct. 19 at noon ET to hear expert insights on closing the budget gap from:

William Gale, the Arjay and Frances Miller Chair in Federal Economic Policy in the Economic Studies program at the Brookings Institution.

Elena Spatoulas Patel, co-director of the Urban-Brookings Tax Policy Center, the Pozen Director’s Chair, and a senior fellow in the Economic Studies Program at the Brookings Institution.

Kyle Pomerleau, a senior fellow at the American Enterprise Institute, where he studies federal tax policy.

John Sabelhaus, a senior fellow at the Urban-Brookings Tax Policy Center and adjunct research professor at the University of Michigan.

Daniel Shaviro, the Wayne Perry Professor of Taxation at New York University Law.

The discussion will draw from these EconoFact Explainers:

• Taxing Domestic and Multinational Corporations
• How Should the U.S. Tax the Great Wealth Transfer?
• The US – EU Dispute Over Digital Services Taxes
• Fiscal and Economic Effects of Tariffs

Clark Merrefield of The Journalist’s Resource and Michael Klein of EconoFact will moderate the webinar. It’s free and on the record, and the video will be made available afterward.

Submit questions for the panelists when you register or during the webinar.