There has been some good news recently regarding short-term deficits coming down. This is a step in the right direction, but the numbers also make it clear that more will be required to put the country on a sound financial course. Here are five things to know about the deficit and debt outlook.
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24 May 2013 - As a new class of graduates receive their diplomas, the outlook isn’t so rosy. A poll of recent and soon-to-be graduates shows that unemployment, underemployment, student loan debt and the need for more skills and education face many graduates. Overcoming these challenges will not be easy, but the task could be compounded by the lack of forward-looking economic and fiscal policies.
22 May 2013 - There has been some good news recently from the Congressional Budget Office (CBO) regarding short-term deficits coming down. This is a step in the right direction, but CBO also makes it clear that more will be required to put the country on a sound financial course. Here are five things to know about the deficit and debt outlook.
20 May 2013 - The debt ceiling is back. Though we may have some time before we are once again on the brink of a debt limit crisis, we should not put off addressing the debt. Our latest ad urges Washington not to sweep our debt problems under the rug.
17 May 2013 - On Friday the Congressional Budget Office (CBO) released its score of President Obama’s fiscal year 2014 budget request. It confirms what we’ve said before, the budget moves in the right direction in bringing down debt in the short term, but more will be required.
17 May 2013 - The suspension of the statutory debt ceiling put in place earlier this year will be lifted on May 18. However, policymakers are showing little urgency in addressing it because of a confluence of factors. But putting off our long-term debt problem until another debt limit crisis is upon us would likely result in bad policy and could impair the recovery.
15 May 2013 - The Congressional Budget Office (CBO) updated its budget and economic projections Tuesday. The latest numbers show improvement in the near term, but the long-term debt trajectory remains on an unsustainable course.
14 May 2013 - Graduation time is upon us. While graduates should be concentrating on pursuing their interests, many are concerned about interest pursuing them, namely the interest on their student loans. Student loan interest rates will double in July and things could get worse down the road because of the inability of policymakers to address the long-term national debt.
13 May 2013 - The House and Senate both passed budgets for the coming fiscal year, which is a promising sign for fiscal responsibility. Also encouraging is that they both share the goal of bringing down the debt as a share of the economy, at least in the shorter run. However, the budgets are far apart in how they would achieve deficit savings and formal talks to bridge those differences have yet to begin. Lawmakers need to seriously begin discussions now on setting a sound financial course for the country.
Why it matters
"It's going to take strong will, effective leadership, and a renewed spirit of bipartisanship from our leaders in Washington to address one of the most pressing challenges of our time. The time for action is now if we're to…Ambassador Tony Garza
The pressure is on Congress to address our growing debt if we want to avoid the fiscal cliff. Congress has to address this now – there is no time to wait. It is time for our elected leaders to…Harry Prestanski
Our country stands as a beacon of liberty and hope for people around the world. I care because I’m afraid of a world where these values are diminished because of our government’s inability to function. Fiscal stability and responsible…Michael Taylor
"As a businessman and former elected official, I am worried about Congress’ ability to reach a national debt deal. If we continue to ignore this growing problem, our economy will suffer the consequences. We can expect slower growth, lower…Rick Bennett