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.
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.
National Debt and You