Debt Limit, in Need of Reform, to Return This Week

Submitted by swinn on Mon, 02/25/2019 - 09:39

As federal agencies and millions of Americans struggle to recover from Washington’s partial shutdown over this year’s budget, we are now facing a potential crisis over the federal debt limit that could have an even greater negative impact.

The debt limit, which was suspended a little over a year ago, is scheduled to make its return at the end of this week. So ideally, Congress and President Trump in the next few days ought to approve an increase in the limit, or at least another suspension.

A Misplaced Sense of National Emergency

Submitted by swinn on Mon, 02/18/2019 - 11:14

Last week the national debt hit $22 trillion and the president declared an emergency.

Too bad the two things were not related.

Even as the debt continues its upward climb, policymakers seem remarkably unconcerned. In fact, most of the leading budget proposals from members of both parties threaten to make the situation even worse.

Rep. Walter Jones Was a Strong Advocate for Fiscal Responsibility

Submitted by swinn on Thu, 02/14/2019 - 11:32

Oriental, N.C. -- Phil Smith, the southern regional director for The Concord Coalition, and Marjorie Dufek, the organization’s North Carolina coordinator, have released the following statement about the recent death of U.S. Rep. Walter Jones:

North Carolina’s loss is truly the nation’s loss as we say goodbye to Congressman Walter Jones, whose commitment to fiscal responsibility reflected a deep concern not only for his constituents but for future generations of Americans.

Congress, Get Woke on Immigration

Submitted by swinn on Wed, 02/13/2019 - 15:16

Economist Diane Lim hopes that Washington policymakers “will somehow become woke and enlightened and . . . say, ‘Hey you know what? We need to focus more on our economy and to do more of what would help our economy prosper.’ ” If that happens, she says, “there are a lot of things that policymakers could do on the immigration front to . . . dispel this notion that it’s a zero-sum game.”

Despite Bipartisan Interest, Washington Falls Short on Infrastructure

Submitted by swinn on Tue, 02/12/2019 - 11:02

Elected officials in both parties have expressed interest for years in boosting federal investment in the nation’s crumbling infrastructure. So, too, have business leaders and many economists who say that such a commitment would support stronger economic growth and is long overdue.

This should be a no-brainer, as some members of Congress have indicated. Yet year after year, Washington has failed to deliver.

Missing: Concern for Fiscal Policy Issues

Submitted by swinn on Fri, 02/08/2019 - 15:05

On the latest Facing the Future program, Concord Coalition Executive Director Robert L. Bixby discussed President Trump’s State of the Union address and crucial items that were missing in it.  

“One thing the president didn’t do . . . was face the future on the fiscal front,” Bixby said. “There was really no mention of the debt . . . there was no mention of the annual federal budget deficit.”

Costly Tax Extenders Would Extend Taxpayer Confusion

Submitted by swinn on Tue, 02/05/2019 - 11:31

As if filing federal tax returns weren’t already confusing enough, some lawmakers are considering retroactive changes in the tax code that would apply to 2018. This means some taxpayers may need to delay preparing and submitting their returns -- and perhaps will even be forced to file revised tax returns later.

A little common sense, please. Responsible elected officials should recognize the importance of having all of the tax laws in place for a given year before the start of the tax-filing period.

Government Is Open; Structural Budget Deficits Remain

Submitted by jgordon on Mon, 01/28/2019 - 13:59

WASHINGTON -- The Concord Coalition expressed deep concern today over new Congressional Budget Office (CBO) projections that show federal deficits and debt rising rapidly despite healthy growth in the economy and an historically low unemployment rate. Over 10 years, the deficit is projected to increase by $11.6 trillion with the debt projected to grow from 78 percent of GDP to 93 percent.