So we have some good news and bad news… and then some more good news. First, President Obama has signed into law , „No Budget, No Pay,“ an idea advocated by the group No Labels. This is an encouraging step in the right direction to get Congress to do one of the few things its actually required to do: create a budget.
Unfortunately, President Obama has failed to meet the deadline for proposing a budget. He has only met this deadline once in five years.
Now, this doesn’t mean that the government stops taking in money, borrowing money, and spending money. On that front we have some good news: the CBO is predicting the budget deficit to be the lowest of Obama’s presidency (so far). Time reports:
The federal budget deficit will drop below $1 trillion for the first time in President Barack Obama‘s tenure in office, a new report said Tuesday.
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