Video: Should we even have a debt limit

Hill was policy director for the Center for Humane Technology, co-founder of FairVote and political reform director at New America. You can reach him on X @StevenHill1776.

This is part of a series offering a nonpartisan counter to Project 2025, a conservative guideline to reforming government and policymaking during the first 180 days of a second Trump administration. The Fulcrum's cross partisan analysis of Project 2025 relies on unbiased critical thinking, reexamines outdated assumptions, and uses reason, scientific evidence, and data in analyzing and critiquing Project 2025.

Few federal agencies are as misunderstood by the general public as the little known Federal Reserve Board. The Fed, as it is known, oversees the central banking system of the United States. That means it superintends many of the most crucial levers for making the economy run, including maintaining the stability of the financial system, supervising and regulating banks, moderating interest rates and prices, maximizing employment and more. Often when Congress is too politically polarized and paralyzed to fiscally stimulate the economy, many look to the Fed for faster executive action.