As early as this week, the U.S. Senate will vote on a federal budget for fiscal year 2018, which began on October 1. As the Washington Post points out in an editorial, “They could do [tax reform] the right way, taking care to simplify the code without harming the country’s already stretched finances. Or they could hypocritically balloon the debt to pay for tax cuts, nullifying the benefits of the rewrite by plunging the country into dangerous fiscal territory.”
While President Trump and others usually focus on how economic growth can help reduce the debt, which is true, the relationship works the other way as well. Getting the debt under control can help grow the economy and improve the standard of living for all Americans.
Congress is finally moving on a federal budget, but lawmakers need your help to show them how to do it right.
The tax debate is moving forward in Washington, but lawmakers may be going in the wrong direction when it comes to the national debt. Anyone who laments the gross debt surpassing $20 trillion cannot support tax cuts that explode the debt in their next breath.
Fiscal Year 2018 begins today without a federal budget. The good news is that Congress may soon agree on a budget. The bad news is that the budget could pave the way for increasing the national debt.
National Debt and You