The House passed a stopgap government funding measure yesterday and the Senate will likely approve it today. The stopgap is needed because Congress, once again, is behind on approving the 12 appropriations bills funding federal operations. Read more at http://crfb.org/blogs/appropriations-watch-fy2015
Former Pennsylvania governor and Fix the Debt Campaign co-chair Ed Rendell (D) has penned an op-ed arguing that progressive candidates should care about debt reduction. He explains that reducing the d
Former Democratic National Committee chair Ed Rendell makes the progressive case for addressing the national debt.
Congress is back this week and faces several impending fiscal deadlines.
One of the biggest stories of last year’s long-term outlook was the deterioration in Social Security’s financial picture. Largely due to CBO’s expectation that people will live longer, its estimate of the 75-year shortfall grew by more than half from their 2012 outlook – from 2.1 percent of taxable payroll to 3.4 percent (1.2 percent of GDP). CBO predicted that the combined Social Security trust funds would run out of money by 2031, two years earlier than predicted by the Trustees. This year’s projections show a further deterioration in Social Security’s financial situation, with the 75-year shortfall now projected at 4.0 percent of payroll (1.4 percent of GDP) and the trust fund expected to be exhausted by 2030. The Disability Insurance trust fund faces a more immediate issue, with its exhaustion date set for FY 2017. http://crfb.org/blogs/cbo-social-security-trust-fund-be-exhausted-1-year-earlier-2030