President Barack Obama sent his 2013 budget to Congress, which has sparked another contentious budget debate in Washington. However, both the President’s budget and the recently released CBO Budget and Economic Outlook confirm that not enough is being done to put America on a sustainable long-term fiscal path.
The true test of any fiscal plan is whether or not it stabilizes the federal debt at an affordable level as a percentage of the economy. But while the President’s budget includes revenue increases and spending cuts that would reduce deficits compared to today’s policies, these measures alone are not enough. We must address the structural drivers of our long-term debt, including insufficient tax revenues and the rising costs of Medicare and Social Security.
It’s time for our elected officials to set ideology aside and make compromises needed to get our fiscal house in order. However, as we have seen for the last several years, both parties are reluctant to do so.
Credible, long-term plans exist that could be agreed upon now and enacted when the economy is stronger, giving the nation a boost of confidence in the short-term and paving the way for a more stable fiscal path and a more prosperous economic future.
It’s essential that we understand the importance of addressing our fiscal and economic challenges. Please forward this email to any friends and family who want the facts about America’s fiscal outlook and the need for Washington to take action.