This morning the Congressional Budget Office (CBO) released its updated budget outlook for fiscal years 2014-2024. This report includes new projections on the country’s deficits as well as updated estimates of the effects of the president’s new healthcare law.
Today, the Senate will vote on the farm bill (H.R. 2642, “The Agricultural Act of 2014”) after closing debate late on Monday.
Just last week, President Obama stated, “The United States is better-positioned for the 21st century than any other nation on Earth.” Today, that statement got a brutal factcheck from the Congressional Budget Office.
Ignoring the key drivers of our debt won’t make it go away, especially not anytime soon. We still have a long way to go to secure our nation’s fiscal future.
Yesterday we discussed Washington Post columnist Robert Samuelson’s observation that discussion of the debt and deficit was absent from President Obama’s State of the Union.
After a long battle, the farm bill conference report was released Monday and passed in the House on Wednesday by a vote of 251-166. The farm bill conference committee began negotiations in October 2013 after the House and Senate passed two separate and conflicting versions of a farm bill.
The numbers say it all: Washington has spent its way into a fiscal crisis. This unsustainable habit will have consquences on future generations unless Congress can work together and enact lasting change.
The House yesterday easily passed the fiscal year 2014 omnibus spending bill. The vote was 359 to 67 and, as predicted, it happened less than 48 hours after House and Senate appropriators released the contents of the bill.
House and Senate appropriators released on Monday the draft fiscal year 2014 omnibus appropriations bill.
As we noted Tuesday, the fiscal year 2014 omnibus spending bill, which appropriators are still negotiating, will allot $1.012 trillion for discretionary spending this fiscal year. In today’s “Breaking It Down” we look more closely at that number.