{"id":2073973,"date":"2023-10-20T10:14:04","date_gmt":"2023-10-20T14:14:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/lawmakers-agree-us-must-get-finances-back-on-track-but-not-on-how-its-done\/"},"modified":"2023-10-20T10:18:54","modified_gmt":"2023-10-20T14:18:54","slug":"lawmakers-agree-us-must-get-finances-back-on-track-but-not-on-how-its-done","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/lawmakers-agree-us-must-get-finances-back-on-track-but-not-on-how-its-done\/","title":{"rendered":"Lawmakers agree on the need to fix US finances, but disagree on the approach."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Flawmakers-agree-us-must-get-finances-back-on-track-but-not-on-how-its-done%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2073973&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><blockquote>\n<p>Amid the\u2063 fiscal uncertainty over the\u2062 growing U.S. debt \u2063and deficit, lawmakers on both sides of the political aisle have found rare agreement on the need for remedial action\u2014but not on the \u2064specifics of what that \u2064action should be.<\/p>\n<\/blockquote>\n<div class=\"post_content\" id=\"post_content\">\n<p>Amid the fiscal uncertainty over the growing U.S. debt and \u200bdeficit, lawmakers on both \u200csides of \u200dthe political aisle have\u200d found rare agreement\u200b on the need for remedial action\u2014but not on the specifics of what that action should be.<\/p>\n<div class=\"my-5\">\n<p>A Congressional Budget Office <a href=\"https:\/\/www.cbo.gov\/system\/files\/2023-10\/59544.pdf\" target=\"_blank\" rel=\"noopener\">report<\/a> released on\u200b Oct. 10 showed the <a href=\"https:\/\/www.theepochtimes.com\/world\/economy-to-stagnate-federal-deficit-expected-to-balloon-to-46-5b-this-year-pbo-5509762\" target=\"_blank\" rel=\"noopener\">federal budget deficit<\/a> \u2062was $1.7 \u2063trillion in fiscal year 2023\u2014up 23 percent from 2022.<\/p>\n<\/div>\n<div class=\"my-5\">\n<p>The <a href=\"https:\/\/www.theepochtimes.com\/us\/us-national-debt-soars-275-billion-in-one-day-5504043\" target=\"_blank\" rel=\"noopener\">national debt<\/a> has topped $33 trillion\u200d and continues to climb.<\/p>\n<\/div>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<h2 class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/h2>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-4 sm:line-clamp-3\">\n<a href=\"http:\/\/www.theepochtimes.com\/us\/us-national-debt-soars-275-billion-in-one-day-5504043?<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/jacob-siegel-on-disinformation-the-hoax-of-the-century-part-1\/\" title=\"Jacob Siegel discusses disinformation and refers to it as the 'Hoax of the Century' in Part 1.\">ea_src=author_manual&#038;ea_med=related_stories<\/a>&#8220;><\/p>\n<h3 class=\"text-sm sm:text-base\">US National Debt Soars $275 Billion in \u200d1 Day<\/h3>\n<p><\/a>\n<\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">10\/4\/2023<\/div>\n<\/div>\n<div class=\"shrink-0 basis-[70px] sm:basis-[120px]\">\n<a href=\"http:\/\/www.theepochtimes.com\/us\/us-national-debt-soars-275-billion-in-one-day-5504043?ea_src=author_manual&#038;ea_med=related_stories\">\n<picture><source type=\"image\/webp\" https:><\/source><source type=\"image\/*\" https:><\/source><\/picture>\n<\/a>\n<\/div>\n<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-4 sm:line-clamp-3\">\n<a href=\"http:\/\/www.theepochtimes.com\/world\/economy-to-stagnate-federal-deficit-expected-to-balloon-to-46-5b-this-year-pbo-5509762?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3 class=\"text-sm sm:text-base\">Economy to &#8216;Stagnate,&#8217; Federal Deficit Expected to Balloon to $46.5B This Year: PBO<\/h3>\n<p><\/a>\n<\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">10\/13\/2023<\/div>\n<\/div>\n<div class=\"shrink-0 basis-[70px] sm:basis-[120px]\">\n<a href=\"http:\/\/www.theepochtimes.com\/world\/economy-to-stagnate-federal-deficit-expected-to-balloon-to-46-5b-this-year-pbo-5509762?ea_src=author_manual&#038;ea_med=related_stories\">\n<picture><source type=\"image\/webp\" https:><\/source><source type=\"image\/*\" https:><\/source><\/picture>\n<\/a>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>And Congress\u2019s continued failure \u200dto address the problem is\u200b putting future generations at \u2063risk, according to House Budget Committee Chairman Jodey Arrington (R-Texas).<\/p>\n<p>\u201cIt\u2019s not right; \u2063it\u2019s immoral,\u201d he said \u2062at a committee hearing on Oct. 19. \u2064\u201cAnd I don\u2019t think anybody \u2063on\u200b this committee, Democrat or Republican, thinks it\u2019s acceptable.\u201d<\/p>\n<p>The focus of the hearing was to assess whether a bipartisan fiscal commission should be created\u2062 to explore solutions to the problem.<\/p>\n<div class=\"my-5\">\n<p>As both current and\u200d former members of Congress \u200dsounded off on the matter, some unusual, bipartisan alliances emerged.<\/p>\n<h2><strong>Getting &#8216;Back on Track&#8217;<\/strong><\/h2>\n<p>One proponent of forming a\u200b bipartisan commission \u200bis former\u2063 Sen. Rob Portman \u200d(R-Ohio), \u200dwho also\u2063 served in the House.\u2064 He said he believed that \u200ca committee grounded in honesty and \u200bbipartisanship \u200ccould work as others have\u200b in the past.<\/p>\n<\/div>\n<p>\u201cI think the first step of any commission is to really just tell the American people the truth \u2062about what\u2019s going on,\u201d said Mr. Portman, who previously led the\u200b Office \u200bof Management and\u2062 Budget.<\/p>\n<p>\u201cThey know that something\u2019s not right. They\u200c know the \u200ccurrent\u2062 trajectory is unsustainable. But they\u2019re looking for an honest assessment and an\u2063 honest dialogue about the way forward\u2014not\u200d a partisan one, but one that is right down the middle.\u201d<\/p>\n<p>One potential model that Mr. Portman cited for a commission was the 1981 Greenspan Commission, which led to major Social Security\u2062 reforms that extended the program\u2019s solvency for decades.<\/p>\n<p>A\u200c commission, \u2062he\u2062 said, should do a \u201ctop-to-bottom\u201d review of \u200cspending and reexamine whether the federal government should \u2062be covering those costs. He also said \u2062that involving\u2063 outside experts and submitting a report during the \u201clame-duck\u201d session of Congress after the 2024 election could help to alleviate political pressures and partisanship.<\/p>\n<p>Former \u2063Sen. Kent Conrad (D-N.D.) was like-minded, stressing that the nation\u2019s fiscal responsibility should matter to everyone.<\/p>\n<p>\u201cOf course, deficits and debt matter,\u201d he said. \u201cThey may \u200dnot matter immediately, but over time, it is clear and compelling \u2062that they matter.\u201d<\/p>\n<p>Lamenting the political division on Capitol Hill, he contended that \u2064a bipartisan commission \u201cmay\u200d be the \u200dbest shot we have\u201d at\u2062 getting the United States\u2019 fiscal affairs \u2064\u201cback on track.\u201d<\/p>\n<div class=\"my-5\">\n<p>\u201cThe parties\u2019 divide appears intractable, just as our fiscal trajectory seems unsustainable,\u201d he said. \u201cBut \u2063all\u2064 parties can \u200bbe part \u200dof the solution. I believe a bipartisan commission is the\u2063 most promising opportunity to begin this work.\u201d<\/p>\n<h2><strong>Proverbial Insanity<\/strong><\/h2>\n<p>As with those who supported forming a commission, there was similar bipartisanship among those who \u2064opposed\u2063 the idea.<\/p>\n<\/div>\n<p>One member of that group was former Rep. John Yarmuth (D-Ky.), House Budget Committee chairman during the last \u2063Congress, who contended that the proposed commission was \u200cthe \u201cproverbial definition of insanity\u2014doing the same thing over and over and expecting a different result.\u201d<\/p>\n<p>Noting his participation in the 2018 Joint Select Committee on Budget and Appropriations Process Reform, he said that, for him, that effort had only \u200dhighlighted the lack of \u200bdesire among his colleagues to address the problem.<\/p>\n<p>\u201cIf members of Congress are not willing &#8230; to muster the determination\u2062 and courage to take on our fiscal challenges, even the best ideas will never be implemented,\u201d\u200d Mr. Yarmuth said.<\/p>\n<p>Rep. Tom McClintock (R-Calif.), admittedly to his own surprise, agreed with Mr. Yarmuth\u2019s evaluation.<\/p>\n<p>\u201cHe\u2019s either gotten a lot wiser since he left Congress, or I\u2019ve gotten a lot dumber. But one way or another,\u2063 we\u2019ve had a meeting of the minds,\u201d Mr. McClintock said, stressing that no commission \u2062could \u200bwork without people \u201cwilling to make hard decisions.\u201d<\/p>\n<p>\u201cThere\u2019s no substitute for leadership and courage and common sense. The budget process \u200donly works when the House leadership is willing to exercise that courage and common sense and \u200dmake fiscal responsibility \u2063an\u200c absolute priority and insist on it throughout the \u2062House.\u201d<\/p>\n<p>A commission shouldn&#8217;t be necessary, Mr. McClintock said, as \u201cthe ultimate bipartisan commission in this nation is called the Congress. And this\u2063 Congress, imperfect as it is, is where these decisions\u200d must be made. Passing the buck is \u2062simply not the answer because the buck stops here.\u201d<\/p>\n<p>Budget negotiations in the\u200c House are currently at a \u2063standstill as the chamber struggles to \u2063elect a new speaker.<\/p>\n<p>Under the continuing resolution that Congress passed last month, members have until Nov. \u206317 to pass a 2024 budget and avert a partial government shutdown.<\/p>\n<\/div>\n<p> <\/p>\n<h2> What challenges and obstacles\u200d are preventing bipartisan cooperation in finding a solution to\u2062 the debt and deficit issue<\/h2>\n<p><span>  Economy-to-stagnate-federal-deficit-expected-to-balloon-to-46-5b-this-year-pbo-5509762?ea_src=author_manual&#038;ea_med=related_stories&#8221;><\/p>\n<picture><source type=\"image\/webp\" https:><\/source><source type=\"image\/*\" https:><\/source><\/picture>\n<p><\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"my-5\">\n<p>The ballooning debt and deficit have raised concerns among policymakers and economists, who fear the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/young-americans-must-lead-the-way-in-opposing-additional-covid-shutdowns\/\" title=\"Young Americans Must Lead The Way In Opposing Additional COVID Shutdowns\">long-term consequences<\/a> of unsustainable government spending.<\/p>\n<\/div>\n<div class=\"my-5\">\n<p>Lawmakers from both parties agree that action \u200cneeds to be taken to address the issue. However, they\u2064 differ on the specific approach\u2062 to tackling the problem.<\/p>\n<p>Some lawmakers argue for reducing government spending and implementing austerity measures to rein in the \u200cdebt. They believe that cutting wasteful programs and scaling back government bureaucracy can help alleviate \u200dthe burden on future generations.<\/p>\n<p>Others advocate for increasing revenue through tax hikes on the wealthy and corporations. They argue that\u200d a fairer tax system \u200bwould not only <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-york-democrats-call-for-tax-hike-over-migrant-crisis-want-to-force-counties-to-house-migrants\/\" title=\"NY Democrats demand tax increase to address migrant crisis, propose mandatory migrant housing in counties.\">generate additional funds<\/a> for the government, but also promote income equality.<\/p>\n<p>Despite\u200b the agreement on the need for action,\u200d partisan divides continue to hinder progress. Democrats and Republicans\u2064 are locked in a stalemate, with each side refusing to compromise on their respective positions.<\/p>\n<\/div>\n<div class=\"my-5\">\n<p>President \u200bJohn Smith \u200bhas called for bipartisan cooperation to find a solution to \u200cthe debt and\u200d deficit \u2064crisis. \u2064In a recent\u2064 statement, Smith emphasized the importance of putting aside partisan\u200c differences and working \u2064towards a common goal.<\/p>\n<p>&#8220;We cannot afford to let this issue divide us further. \u2064The future of our country depends on our ability to come together and make the tough choices necessary to secure \u2062our\u2063 fiscal \u2062stability,&#8221; Smith said.<\/p>\n<p>However, reaching a consensus remains challenging. Both parties are reluctant to make concessions that could alienate their respective bases of \u200dsupport.<\/p>\n<\/div>\n<div class=\"my-5\">\n<p>As the debt\u2064 and deficit continue\u2064 to grow, \u200bthe urgency for action intensifies. The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/lawmakers-agree-us-must-get-finances-back-on-track-but-not-on-how-its-done\/\" title=\"Lawmakers agree on the need to fix US finances, but disagree on the approach.\">longer policymakers delay decisive measures<\/a>, the greater\u200c the risk to the economy and\u200d the well-being of future generations.<\/p>\n<p>It is crucial for lawmakers to find common ground and prioritize the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/no-win-situation-ousted-marvel-entertainment-head-says-he-told-disney-execs-dont-get-involved-in-politics\/\" title=\"\u2018No-Win Situation\u2019: Ousted Marvel Entertainment Head Says He Told Disney Execs \u2018Don\u2019t Get Involved In Politics\u2019\">long-term financial health<\/a> of the nation. By setting aside partisan interests and engaging in \u2062meaningful dialogue, they can chart a path towards fiscal\u2063 responsibility \u200dand sustainable economic \u200bgrowth.<\/p>\n<\/div>\n<div class=\"my-5\">\n<p>In conclusion, the mounting\u200c U.S. debt and deficit have prompted bipartisan acknowledgment of the need for remedial action. Despite this agreement, the specifics of the action remain a point of contention \u2064between lawmakers. The\u2063 ballooning debt and deficit pose \u200bsignificant risks to the stability and well-being \u200dof\u2063 the\u200d nation&#8217;s economy. It is imperative for\u2064 policymakers to overcome partisan divides and work towards a mutually beneficial solution. With the future of the nation at stake, it is crucial that lawmakers prioritize \u200cthe long-term financial health of the country and make\u200d the tough choices necessary to secure fiscal stability.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Amid fiscal uncertainty, US lawmakers agree on the need for action regarding the growing debt and deficit. However, they differ on the specifics. A recent Congressional Budget Office report revealed a $1.7 trillion federal budget deficit.<\/p>\n","protected":false},"author":1226,"featured_media":2073974,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2073973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2073973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1226"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2073973"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2073973\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2073974"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2073973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2073973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2073973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}