US Congress · California · Fortune Technology
Under the current rules of the game, Congress has dropped control of federal spending
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That is up from 3% in 1913.
Key facts
- That is up $11 trillion in one year and an increase from about $20 trillion in 2000
- The team also need to take steps to reduce debt as a percent of GDP to a more reasonable and sustainable level, for example, 90%, over the next 10–15 years
- The Congressional Budget Office (CBO) projects that, absent a change in course, debt held by the public as a percent of GDP will reach 175% in 30 years
- First and foremost, they need to adopt a No Budget, No Pay Rule
Summary
The U.S. Congress has become dysfunctional, and it does not make one bit of difference which party is in power. It is clear that Congress cannot properly handle its primary spending and taxing functions in a timely manner. For the thirtieth year in a row, Congress did what it usually does. Congress’ dysfunction is particularly disconcerting. It is time to enact major budget reforms to restore sanity, stability, and sustainability. First and foremost, they need to adopt a No Budget, No Pay Rule.