Congress has not passed a budget in four years, something that they are required to do every year as mandated in the Constitution. The House has attempted to pass several budgets which the Senate refuses to even bring to the floor. The debt ceiling has been exceeded once again, bringing us to a face off. We are on an unsustainable path, and the media is not reporting on this issue. The dollar is about to collapse, and yet the president has told Speaker Boehner that we do not have a spending problem. Our entire economy is an illusion and it cannot continue. Read the report below from the General Accounting Office:
GAO’s federal simulations show that absent policy changes, the federal government faces a rapid and unsustainable growth in debt. Simulations of the state and local government sector show that not only the federal government faces fiscal challenges that will have a profound effect on government over the coming decades. A growing imbalance between revenue and spending is driven on the spending side by rising health care costs and the aging population, which in turn will lead to a rapid increase in spending on retirement and health programs.
In light of these challenges, GAO works to provide Congress and the public with updated analysis on the fiscal outlook for the federal government and for the state and local government sector and with answers to key questions about federal debt.
Click for more information on the GAO report here.