The good news is that October saw no government shutdown. The bad news is that it has not seen any debt solutions either.
Fiscal Year 2013 began on October 1 without any drama because Congress passed a stopgap measure in advance of the deadline funding government operations until March 27, 2013. However, this was no occasion to celebrate as lawmakers have now gone three straight years without enacting a full budget. Add to that the fact that the recently-concluded Fiscal Year 2012 represented the fourth consecutive year of budget deficits in excess of $1 trillion.
Meanwhile, the fiscal cliff, and the abrupt tax increases and across-the-board spending cuts associated with it, is fast approaching at the end of the year and Washington has done nothing to address it. Lawmakers must work together to come up with a smart, comprehensive fiscal plan that is phased in over time to replace the fiscal cliff.
Business leaders increasingly are sounding the alarm about the fiscal cliff and national debt and how they will negatively affect the economy and job creation. The recent “CEO Summit” on Bloomberg TV (video below) highlighted the urgency that the corporate community places on the issue.
But its not just CEOs, Americans across the country are concerned about the inability of our leaders to confront one of the most pressing matters facing the country. That’s why over 285,000 Americans have signed the Citizen’s Petition to Fix the Debt.