Congress is set to pass another stopgap measure to avert a shutdown, but the bigger issues with our spending are being ignored. See how the 118th Congress failed to address the nation’s ever-growing fiscal challenges.

<<<WHAT GRADE DO YOU GIVE CONGRESS FOR ADDRESSING OUR FISCAL PROBLEMS?>>> ([link removed] )

John,

Last night, Congress voted to pass yet another short-term continuing resolution to keep the government funded. While this will prevent a government shutdown from taking place on September 30, the end of the fiscal year, it does nothing to address America’s growing fiscal challenges.

As we close in on the end of one of the least productive Congresses in recent history, it's time to issue a report card on the 118th Congress’s fiscal responsibility. Spoiler alert: they do not get a passing grade.

How many spending bills have passed?

The House has passed 5 of 12 required spending bills, and the Senate has passed none. This marks the 27th consecutive year that Congress has failed to complete all of its spending bills on time.

How much has the deficit grown?

By August 2024, the annual deficit had reached $1.9 trillion and is expected to surpass $2 trillion by the end of the fiscal year. This will be the third-highest annual deficit in U.S. history.

How much do we spend on interest?

As of August, the U.S. Treasury had spent $870 billion on interest payments for FY24, the highest amount ever recorded—and there’s still a month left in the fiscal year.

What percentage of spending is mandatory vs. discretionary?

Mandatory spending programs – like Social Security, Medicare and Medicaid -- and interest on the debt make up 68% of the federal government’s known expenditures so far this fiscal year. This leaves Congress with little room to maneuver.

How many hearings were held on the national debt?

Only four hearings were held across the House and Senate focused on the challenges posed by our national debt. Unfortunately, neither party has an interest in talking about this serious issue. For comparison’s sake, Congress held at least as many hearings focused partisan topics like “woke” and “DEI.”

As Bill Galston recently highlighted in The Wall Street Journal: "Despite intensifying polarization, the Republican and Democratic parties are alike in one important respect: Both now behave as though budget deficits don’t matter. Red and blue politicians alike seem to think we can increase spending, cut taxes indefinitely, and borrow whatever we need to close the gap while running up the national debt—all without paying a price."

Overall, we’d grade the 118th Congress’s performance on fiscal responsibility as an F. They’ve done nothing to put the nation’s finances on a more sustainable path.

Congress can—and must—do better. With each passing year of inaction, the stakes only grow higher. Fiscal responsibility shouldn’t be an afterthought; it should be a top priority.

Ryan Clancy

No Labels

We’re excited to invite you to the next No Labels Talks taking place TODAY at 1:45 PM ET via Zoom, featuring Bill Galston—political scholar, columnist, and a leading voice on America’s growing national debt problem. Bill will discuss the dangerous trajectory we’re on, and what we can do to restore fiscal responsibility to Washington before it’s too late.

Hope to see you there!

RSVP FOR OUR CONVERSATION WITH BILL GALSTON HERE ▸
([link removed] )

Follow Us!

Facebook ([link removed] )

X ([link removed] )

Instagram ([link removed] )

No Labels, P.O. Box 25397, Alexandria, VA 22313, United States, (202) 588-1990

Unsubscribe ([link removed] )
Manage preferences ([link removed] )