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
What Is R Versus G and Why Does It Matter for the National Debt?
The combination of higher debt levels and elevated interest rates have increased the cost of federal borrowing, prompting economists to consider the sustainability of our fiscal trajectory.
Rising Interest Costs on the National Debt Are Crowding Out America’s Future
Growing interest costs on the national debt matter because of their effect both inside the federal budget as well as on the overall economy.
What Are the Consequences of a High and Rising National Debt?
The high and rising national debt harms the economy, makes life less affordable, and jeopardizes the economic prosperity of Americans.