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In late September, Congress narrowly avoided a government shutdown by passing a continuing resolution (CR) just two days before the close of fiscal year 2016. The stopgap legislation kept the government operating in the short term, but lawmakers face a series of additional budgetary challenges in coming weeks and months:
In addition to near-term issues, our nation faces serious long-term fiscal imbalances that threaten to undermine economic growth. In 2016, for the first time since 2009, the deficit began rising as a share of GDP. Lawmakers should use our annual budget process as an opportunity to set long-run policy priorities for spending and revenues that provide greater certainty about our nation’s fiscal policy.
For a recap of the previous fiscal year and more details on the challenges ahead, read our full analysis of the Fiscal New Year.