Welcome Back, Congress 2017
As Congress returns from its August recess, lawmakers face a to-do list filled with important fiscal deadlines.
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As Congress returns from its August recess, lawmakers face a to-do list filled with important fiscal deadlines.
In the legislative days remaining before the 113th Congress adjourns, there is much urgent work to be done to put the nation on a more sustainable and predictable path, now and in the future.
The 114th Congress has a new opportunity to address our debt and long-term fiscal challenges, strengthen our economy, and put our nation's fiscal future on a sustainable path.
Budget battles policymakers have engaged in have failed to produce reforms to address the true drivers of long-term national debt.
https://www.pgpf.org/analysis/averting-a-shutdown-the-numbers-behind-the-last-minute-budget-bill
After months of negotiations, with default looming, Congress passed and the President signed the Budget Control Act of 2011, which raises the debt ceiling and puts a process in place for reducing the deficit.
https://www.pgpf.org/analysis/peter-g-peterson-foundation-analysis-of-the-budget-control-act-of-2011
Under current policies, publicly held debt is projected to increase from 73 percent of gross domestic product in 2012 to 83 percent in 2023.
The United States, by far, spends the greatest amount on military (in nominal terms) than any other country.
https://www.pgpf.org/analysis/why-defense-matters-for-deficit-reduction
Chairman Paul Ryan's budget aims to shrink the size of government to about 20 percent of gross domestic product (GDP) in 2015 and to 15 percent of GDP in 2050.
The nonpartisan Congressional Budget Office has released a mid-year update to its projections of the nation’s federal finances and economic health.
While countries continue to recover from the crisis, the international fiscal outlook has not substantially improved.
https://www.pgpf.org/analysis/fiscal-monitor-series-navigating-the-fiscal-challenges