Things are hot and heavy in Washington in the middle of summer with lots of action on issues affecting the budget and debt. The forecast calls for deficits and debt to rise considerably but the outlook for producing next year’s budget remains unclear. Here’s your fix for the latest developments on the federal budget and national debt.
Just when federal budget dysfunction in Washington appeared to hit rock bottom, policymakers discovered new lows with this year’s process. And the affects will be widely felt.
The official budget watchdog of Congress issued its latest budget and economic forecast on Thursday, showing deficits and debt growing even higher than previously expected. It also repeated a now familiar warning that high and rising debt will negatively impact the economy, the country, and each of us.
Congress has big plans to address issues such as tax reform, health care, and infrastructure. But lawmakers also face key deadlines to address the debt limit and prevent a government shutdown.
Congress will debate and delay, and posture and pontificate over the federal budget and government spending in the coming weeks. All the while, the bluster and bloviating will be over a small and diminishing share of the budget.
National Debt and You