'Stop posturing and start leading,' fiscal watchdog demands, as Congress misses budget deadline

Congress will once again miss its April 15 deadline for adopting a federal budget resolution for the upcoming fiscal year, according to the Committee for a Responsible Federal Budget, a budget watchdog group.

Congress is required to adopt a complete joint budget resolution by April 15 each year. It has missed that deadline for years, often relying on shorter continuing resolutions (CR) to keep the government funded. The April 15 target deadline is part of the Budget Act of 1974. According to the Congressional Research Service, the last time Congress passed a full annual budget was in 2004. 

"The deadline for Congress to complete a budget is tomorrow, and yet we haven't seen a budget from either the House or Senate Budget Committees," said CRFB President Maya MacGuineas. "That's one reason it is refreshing to see Congressman Golden leading by example."

MacGuineas was referring to Rep. Jared Golden (D-Maine), who authored an opinion piece calling for a "responsible" budget deal that includes a debt limit increase. 

"We also commend others in Congress who have recently put forward their proposals for savings," MacGuineas said. "More lawmakers should share their ideas, and then Congress should debate them. No one should criticize these ideas without putting forward their own solutions. It's time for politicians to stop posturing and start leading. It's time to fix the debt."

Golden warned that the deficit and debt are contributing to a worsening inflation situation. 

"The debt and the nation's high debt-to-GDP ratio — plus the increasing cost of paying the interest on the debt — make your life more expensive right now," he wrote. "Excessive deficits have contributed to the high inflation we've all experienced. And the high debt-to-GDP is forcing interest rates up, making it more expensive for you to finance a home, a car, a college education, or use a credit card."

Ultimately, Golden concluded, high deficits and runaway national debt are apt to wreak havoc not only on household budgets but also on America's very place in the world.

"Eventually, an outsized debt will erode the standard of living for pretty much all of us," he wrote. "It will also weaken America's global standing and, ultimately, even become a threat to national security." 

The national debt is currently close to $31.5 trillion, which exceeds the value of the entire U.S. economy.