The Bipartisan Budget Act of 2018 was a bad deal that added significantly to the national debt, which was already on an unsustainable course. One small consolation was the creation of a special committee to recommend reforms to improve the broken federal budget and government spending process.
There has been a great deal of action lately on matters affecting deficits and debt and much still in the works as policymakers rush to meet some deadlines at the end of the year. Tax cuts are now at the top of the agenda, but there is a lot more on Washington’s plate. Here’s your fix for the latest developments on the federal budget and national debt.
Congress finally passed a federal budget for fiscal year 2018, more than three weeks after the fiscal year began. But the budget does nothing to put the national debt on a downward path. Instead, the debt could explode due to unpaid-for tax cuts that the budget facilitates.
Some politicians in Washington are gaming the federal budget. Now you can get into the act, and produce much better results.
The Washington Post has a powerful and timely message for the Senate ahead of a critical vote this week on a federal budget resolution that will allow tax reform to add substantially to the deficit.
National Debt and You