A default on our national debt was barely avoided and the partial shutdown of the government has ended – for now.
Congress and the President reached a temporary deal which funds government through January 15th and raises the debt limit until February 7th. So all too soon, we may be back to dysfunction, gridlock and political brinkmanship by both political parties. This undermines our nation’s economy and credibility.
No Labels has put forth a bi-partisan plan called “Jobs First” which would call a political ceasefire to all the congressional battles until unemployment has dropped further and the economy improved – which would likely mean until the end of 2014.
That’s not ideal – but it’s better than what just happened in Washington, D.C.
I truly believe the best way to solve these constant fiscal battles is a “Grand Bargain” on deficit spending to be reached by the President and Congress. We need to reform entitlement spending and implement tax reforms that will close loopholes that provide corporate welfare and benefit other special interests.
The Simpson-Bowles Commission, which offered a plan to reduce deficit spending by $4 trillion, offers a meaningful start to tackling our nation’s $17 trillion dollar deficit. We will all need to make sacrifices to secure our nation’s future for our children and grandchildren – but our country can’t sustain, nor our way of life survive, this level of deficit spending.
Both in the short-term, and the long-term, our nation’s leaders from both parties are failing to lead. It’s time for the President and Congress to tackle deficit spending and work to strengthen our weak economy. I hope you agree.