Another fiscal cliff, will Congress get serious?

  • Article by: Washington Post Editorial
  • Updated: August 31, 2013 - 7:40 AM

Unless Congress acts, the U.S. government will hit its $16.7 trillion borrowing limit by mid-October.

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denialoAug. 30, 13 8:11 PM

Will Congress get serious? What about Obama. You know, the guy who in 2007 called the deficit irresponsible, and unpatriotic and promised to cut the deficit in half in his first term, Obama has added almost 7 trillion dollars to our deficit with poor results to show for that. Will Congress do better this time? I sure hope so by not giving this guy any more of our money to waste.

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pumiceAug. 30, 13 8:15 PM

From the commentary: "To date, no combination of policy necessity and deadline pressure has sufficed to force a 'grand bargain' that would address the country’s long-term budgetary imbalances." Combine the lack of movement on a grand bargain which addresses the long-term with policies which hurt the economic recovery in the short-term--thus continuing the upward redistribution of income and wealth and increasing the need for poverty programs in the mid-term--and your fellow Republicans will conclude that sequestration turned out pretty well.

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pumiceAug. 30, 13 8:36 PM

In 2007, denialo, the deficit was irresponsible and unpatriotic. The Great Recession didn't officially begin until December, 2007, so cutting the deficit in half was doable. In fact, if Congress had done its part and levied a tax to pay for Afghanistan and Iraq, the deficit wouldn't look so bad. In any event, the deficit is decreasing--through a combination of revenue increases and short-sighted spending reductions in education, research, science and technology, but it is decreasing. What can Congress do to show that its serious about deficit/debt? Well, Congress could work on policies to control growth in health spending growth (but it's more likely the House will keep voting to repeal the ACA); Congress could pass Medicare for All; Congress could raise/eliminate the ceiling on FICA wages; Congress could boost economic growth and raise more revenue by reforming the tax code.

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pumiceAug. 30, 13 8:41 PM

Thumbs down to "Republicans will conclude that sequestration turned out pretty well"??? At 5:12 p.m. on another board, jd55604 wrote "The sequester fight worked out surprisingly well for the Republicans last time," and proposed that "Bohner [sic] and the Rs should demand 1 dollar of cuts for every dollar the Democrats want in debt ceiling hikes."

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denialoAug. 30, 13 9:31 PM

pumice, There is no reasoning with people who still defend Obama. The deficit has grown by SEVEN TRILLION DOLLARS UNDER OBAMA. That is a FACT.

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billieeAug. 30, 13 9:39 PM

Re: "The deficit has grown by SEVEN TRILLION DOLLARS UNDER OBAMA." You know, denialo, when you shout like that it just makes it more obvious that you don't know the difference between deficit and debt.

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hobie2Aug. 30, 1310:43 PM

The sequester that doomed America to a new depression, and to being overrun by evil doers that would invade our cities, was a cut... did anyone really notice its effect on the economy or the price of beer? OK, so no, in that cut the GOP didn't let its banking and financial friends get their hands on Social Security to "save" it, and they now need to make it seem like the end of the world is coming if we raise FICA a dime a hundred dollars inb order that the banks (who we bailed out for lousy management) can take over some of Social Security and manage it properly... But how about we not do that and just do another 5% across the board spending cut?

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denialoAug. 30, 1310:45 PM

Which one is the one we don;t have to pay back? Which one was responsible for our credit rating being downgraded for the first time in our history? Lets just spin the deficit back to zero if it doesnt matter. More Obama LOGIC.

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denialoAug. 30, 1310:46 PM

Survey of business economists calls deficits in 2020s and 2030s the biggest US fiscal problem Article by: Associated Press Updated: August 25, 2013 - 11:05 PM 1 comments resize text printbuy reprints NEW YORK — The biggest fiscal challenge facing the U.S. is the size of projected deficits in the 2020s and 2030s, according to a survey of business economists. The National Association for Business Economics surveyed 220 of its members in July and August. The survey found that members were more concerned about the size of deficits in the next two decades than current deficits or deficits over the next 10 years: 43 percent of the economists named budget gaps in the 2020s and 2030s as the top fiscal challenge, compared with 37 percent who chose projected deficits over the next 10 years.

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jimjimjimjimAug. 31, 13 7:04 AM

Who do liberals think will pay back all the borrowed money? You do realize that fewer middle class wage earners are paying taxes (thanks to Bush). Eventually the chickens come to roost. You are leaving massive debt for your children and grand children. I though liberals and democrats were for the "little people". Apparently they can't see past the ends of their noses.

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