It’s no secret that policymakers in Washington are having a hard time getting things done. They will need to turn things around soon as they face critical matters in which failure would have serious consequences, such as passing a federal budget, agreeing on government spending in order to avoid a government shutdown, and raising the debt limit in order to avert a national default. Fortunately, there is a way forward.
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.
National Debt and You