U.S. National Debt: How to Stop the Bleeding

May 1, 2026

2 min

David Primo


The U.S. national debt exceeding the size of the American economy is a dubious milestone that has sparked alarm and confusion among policymakers who are asking how worried they should be and what can be done to stop the bleeding.


David Primo, a political scientist and professor of business administration at the University of Rochester and a fiscal policy expert who has testified before Congress on the national debt, says Americans should be very concerned about the debt and, at the same time, know there is a solution.


“The federal budget outlook is grim and threatens the economic future of the United States,” says Primo, the author of Rules and Restraint: Government Spending and the Design of Institution (University of Chicago Press). “If Congress waits to act, Americans will need to give up a bigger piece of the nation’s economic pie to stabilize the country’s finances.”


Primo says a solution lies in a constitutional amendment restraining the federal budget. Specifically, such an amendment would clearly define spending and revenue, set spending limits based on a multiyear period, and allow for waiving the limit only with a large supermajority in Congress.


“As it stands, Congress is constitutionally incapable of tying its own hands, making it difficult for legislators to implement durable changes to the federal budget,” Primo says.


Recent data show the national debt has crossed 100% of the GDP threshold — roughly $31.27 trillion versus $31.22 trillion in economic output — marking the highest peacetime level in U.S. history. The Congressional Budget Office has projected that debt levels, if left unchecked, could reach 181% of GDP in the next 30 years.



Primo says delaying implementing a solution raises the risk of increased interest rates, which would, in turn, reduce investment and, ultimately, economic growth.


For journalists covering deficits, tax policy, and the long-term economic outlook, Primo offers key expertise and a clear lens on:


• The implications of national debt exceeding GDP

• Constitutional and institutional approaches to fiscal reform

• Fiscal policy and political incentives


“The United States is in precarious fiscal health,” Primo told Congress in 2023. “In the absence of a constitutional amendment, I fear it will take a fiscal crisis before Congress acts. Nobody wants that.”


Connect with Primo by clicking on his profile.


Connect with:
David Primo

David Primo

Ani and Mark Gabrellian Professor, Professor of Political Science and Business Administration, Department Chair

An expert in American politics; campaign finance; corporate political strategy, social responsibility & fiscal policy; & airline industry.

US National DebtCorporate PoliticsCorporate & Business StrategyCorporate ValuesCorporate Boycotts
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