Welcome Back, Congress

WELCOME BACK, CONGRESS The House and Senate return from August break on September 9 with their work cut out for them on the fiscal front. The challenge is urgent and demands leadership. Here are the issues and key points to keep in mind this fall. FISCAL TO-D0 ONLY 9 DAYS Congress is only in session for 9 legislative days before the new fiscal year starts on October 1st. That means there is very little time to reach an agreement on how much agencies can spend in FY 2014. ...... TO CLOSE A $90B BUDGET GAP The Senate appropriations level is nearly 8% above the House level. If this gap can't be closed - or if Congress doesn't pass a temporary funding measure - the nation will face a government shutdown. Congress needs to act fast to find compromise, and avoid this self-inflicted crisis. FISCAL TO-D0 IF CONGRESS DOESN'T RAISE THE DEBT CEILING BY MID-OCTOBER, WE RISK MID OCT ENDANGERING NOT PAYING ECONOMIC OUR RECOVERY BILLS The country actually reached the debt ceiling on May 19, and since then, Treasury has been using "extraordinary measures" to raise enough cash to pay the government's bills. THE DEBT CEILING HAS BEEN RAISED S 78 TIMES SINCE 1960. But by mid-October, those extraordinary measures will run out, and we'll either have to raise the debt ceiling or default on our obligations. Historically, raising the debt ceiling has been relatively easy. Lately, it's become a political hot button that weakens our credit rating and risks serious harm to the global economy. GOVERNING BY CRISIS DOESN'T WORK Instead of managing by crisis, Congress should put in place a fiscal plan that addresses the real long-term challenge: our national debt will grow to unsustainable levels in the decades to come if we don't act soon. OUR NATIONAL DEBT IS ON A PATH TO EXCEED 200% OF OUR ENTIRE ECONOMY! ECONOMIC WHAT'S AT STAKE NATIONAL ш STABILITY RATING CREDIT JOB BVESTMENT GROWTH PUCTURE R8D $1 SDUCATION DEAR CONGRESS, Let's not play games with serious fiscal issues. Instead, Congress and the President should put a plan in place to protect our economic recovery and stabilize our long-term debt. Join the conversation at f/PGPFoundation Peter G. Peterson Foundation Our America. Our Future.