The House and Senate return from August break today with their work cut out for them on the fiscal front. While the issues are serious, unfortunately there’s not much time to act. Whether it’s finding consensus on a $90 billion budget gap before the end of the fiscal year, or next month’s looming debt ceiling debate, these challenges are urgent and demand leadership.
To welcome back the reconvening Congress, and highlight these critical challenges, the Peterson Foundation presents a fiscally-focused infographic that illustrates what’s at stake this fall. We’re sharing it to encourage Congress and the President to put a plan in place that protects America’s economic recovery, and also stabilizes our long-term national debt.
Further Reading
With $37 Trillion in Debt, Is the U.S. Headed for More Credit Downgrades?
Three successive downgrades of the U.S. credit rating should alarm elected leaders, but our national debt remains on an unsustainable trajectory.
The Federal Government Has Borrowed Trillions. Who Owns All that Debt?
Most federal debt is owed to domestic holders, but foreign ownership is much higher now than it was about 50 years ago.
The Fed Reduced the Short-Term Rate, but Interest Costs Remain High
High interest rates on U.S. Treasury securities increase the federal government’s borrowing costs.