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
Fed Holds Rates as Interest Costs on the National Debt Top $1 Trillion
High interest rates on U.S. Treasury securities increase the federal government’s borrowing costs.
Quarterly Treasury Refunding Statement: Borrowing Could Rise Soon
The U.S. Treasury has signaled its intention to add $1.4 trillion in new debt between July and December.
What Are Interest Costs on the National Debt?
Interest costs are on track to become the second largest category of spending in the federal budget.