The Clock is Ticking for Solutions to Fix our National Debt Problem
The US government currently has a national debt that totals over $15 trillion. The Congressional Budget Office (CBO) projects that the debt will be over $20 trillion by 2012.
Normally, Congress passes legislation that establishes the national budget for the coming year. However, Congress has not passed a budget plan in over 1,000 days. Instead, they have been relying on temporary spending measures and “continuing resolutions” to fund -or continue funding- federal programs. This unplanned process creates chaos and uncertainty for federal agencies that are unable to plan for future expenditures. Without a budget blueprint in place there will be delays of services and creates more waste and inefficiencies.
This situation also makes budget forecasting and projecting more difficult. USDebtClock.org -which uses sources including the US Treasury, the Office of Management and Budget, and the CBO- calculates the national deficit at $1.3 trillion. However, the CBO recently reported that that the budget deficit for this year will be $1.1 trillion if current laws remain unchanged. Since Congress has not passed a budget this year, (or the two previous years) spending may increase, and with it our national debt and deficit.
Clearly, this is a problem for our country and economy. Please Like us on Facebook to discuss your solutions to fixing this problem.