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.
This month saw warnings from three official sources regarding the long-term financial condition of the country.
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.
National Debt and You