Before getting started on the coming four-post series titled Personal Finance Goes to D.C., I wanted to have a brief discussion regarding the latest budget proposal that just came out of the White House. Tuesday morning, I awoke to an Associate Press alert regarding the 8th and final proposed budget by the Obama administration.
This record-breaking $4.1 trillion dollar spending bill estimates a $500 billion deficit for FY 2017, with deficits totaling an estimated $6 trillion over the next decade. Hoping to receive minimal attention, it was conveniently released on the same day as the New Hampshire primary.
The AP article even goes on to state “the Congressional Budget Office says that last year’s tax and spending bill, combined with worsening economic projections, means that deficits will begin a steady march to the $1 trillion mark in a few years. Sooner or later, CBO says, action to curb the deficit is a must, or else it could drag down the economy and lead to a potential European-style fiscal crisis. These problems will be left to Obama’s successor since he and GOP leaders have long since given up on working together to get the deficit under control.” More to come in the following days regarding the CBO report!
I’m fully aware that this proposal will in no way be the final bill ultimately passed by Congress. Also, I’m not here to argue the issues and government programs contained within the bill, nor am I going to attempt to pick it apart and say such-and-such program or agency should or should not be funded. Rather, my purpose behind this post is to ensure that you’re aware of the current goings on out in D.C. Were you aware of this? If not, are you paying attention now? When will the madness end?!?
Tune in tomorrow for day 1 of further discussions regarding my perceptions of the problems in Washington, as well as potential remedies to the those problems. Please follow along to ensure you get all the posts and please participate in the discussion via the comments section below. I would love to hear your thoughts on the matter, as well as any possible solutions you have in mind. I sincerely hope you enjoy and are inspired to comment as we go along. Thank you and have an amazing day!