Perspective: The debt limit debate highlights how the nation is on an 'unsustainable' fiscal path, as detailed in a new report from the Government Accountability Office on deficits.
Washington is dawdling on a fiscal path that cannot be tolerated, and the predicament is unlikely to be resolved soon.was the fourth largest in U.S. history. Yet, that amount represents a 50 percent drop from the year before. Higher tax revenue and lower coronavirus pandemic relief spending contributed to the decline. At the same time, the nation’s debt held by the public grew by $2 trillion, for a total of $24.2 trillion.
In this seventh annual report on the nation’s fiscal health, GAO outlined points that Congress should consider in a fiscal sustainability plan. That plan should address factors that propel deficits, but the solutions also divide partisans.in 2017, when Dodaro declared himself “deeply concerned” about the nation’s finances. Yet, during an interview he sounded more determined than discouraged about continued congressional dithering.
• Consider alternatives to dysfunctional, debt limit crises, like we are now experiencing, including setting a debt limit as part of the budget process and allowing Treasury “to propose a change in the debt limit that would take effect absent congressional disapproval.”• Incorporate rules and goals to manage debt by controlling spending and revenue to meet debt targets.
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