Washington faces a packed agenda aimed at growing the economy, with important areas such as health care and tax reform on the table. At the same time, the new administration and Congress face historically high and rising national debt. That’s why we published a timely guide for reducing the debt while growing the economy.
Around this time of year, we usually hear from the president on the state of the union. Now, a bipartisan group of lawmakers want an annual look specifically at our fiscal situation.
This month saw warnings from three official sources regarding the long-term financial condition of the country.
The new budget numbers predict that the federal budget deficit will hit the $1 trillion mark by 2023 -- a year earlier than expected last year. National debt held by the public will grow from 77 percent today to 89 percent in 2027 -- that is more than twice the 50-year debt average of less than 40 percent.
The co-chairs of the non-partisan Committee for a Responsible Federal Budget – Governor Mitch Daniels, Secretary Leon Panetta, and Congressman Tim Penny – offered ten action steps to secure our fiscal future for the president-elect.