CBO Briefing Shines Light on Our Fiscal Challenges
Later today, Congressional Budget Office (CBO) Director Phillip Swagel will brief members of the House of Representatives on the Budget and Economic Outlook released last month. The briefing comes amid CBO’s latest projections showing both debt and interest headed for uncharted territory and inflation the highest it has been in over 40 years. It also comes one day before the anticipated release of the President’s Fiscal Year (FY) 2024 budget proposal and just over one month before the deadline for Congressional action on a budget resolution.
The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:
Today’s budget briefing for Members of Congress is an encouraging step toward educating lawmakers with a shared set of facts on our fiscal outlook. This comes at a critical time, and we have supported similar opportunities to increase transparency of our nation’s fiscal health in the past. Lawmakers should not only attend, but also prioritize this moment for future budget seasons.
There has been a startling lack of seriousness when it comes to budgeting in this country. Case in point: last year neither the House nor Senate Budget Committee – tasked with government’s most basic function – approved, debated, or even introduced a budget. This is particularly disheartening at a time when debt as a share of the economy is projected to reach an all-time record in just five years.
Having the opportunity to hear directly from an expert, nonpartisan source like CBO gives Members a reprieve from the echo chambers they all too often find themselves in. And, most importantly, it offers a chance to create honest and productive conversation surrounding inflation, the national debt, and the solvency of our trust funds.
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