This month, the Congressional Budget Office (CBO) released its “Budget and Economic Outlook” for 2013-2023. The report includes information on a ballooning debt, skyrocketing healthcare costs and an unemployment rate that is at the highest level of sustained unemployment in 70 years. The report makes it clear that policies in Washington aren’t addressing the serious effect that government spending is having on our economy.
Today, the House passed “No Budget, No Pay Act,” which temporarily suspends the current $16.4 trillion limit on federal borrowing until May 18, 2013. If Congress fails to adopt a budget by April 15, the salaries of members will be held in a separate account until a budget is adopted. Here's what you need to know.
Today, the Senate is scheduled to vote on the “No Budget, No Pay Act” (HR. 325,). The bill is designed to “ensure the complete and timely payment of obligations” and will temporarily suspend the debt limit through May 19. After that date, the current limit of $16.4 trillion would be raised by the amount of borrowing incurred during the suspension. The Bipartisan Policy Center has estimated that the debt ceiling would need to be raised by $450 billion in May.
Today the House will vote on a measure that would temporarily suspend the federal government’s debt limit, known as the “debt ceiling.” Until the last two years, few Americans had heard this term. Here's what you need to know about our federal borrowing cap.
Today the House is expected to vote on the PLAN Act, a bill that would require the president to submit an additional budget outline if his fiscal year 2014 offering doesn’t balance the budget. Here are the five things you need to know about the PLAN Act.