Congress Limps Out of Town with a Fractured Budget Process
Happily, the world did not end on December 21, as some interpreters of the Mayan Long-Count Calendar predicted. Earth did not get sucked into the black hole at the center of the galaxy; it did not crash into the planet Nibiru; its core did not heat up, causing earthquakes and tsunamis and other nasty things as in the schlocky sci-fi film a few years back.
No devastating collapse hit Washington either, despite ominous warnings about partisanship and polarization. Agencies kept running, Social Security checks got mailed, the government didn’t default on its debts. Still, as 2012 draws to a close, the departing 112th Congress has left a nagging sense of unease about the condition of Washington policymaking. The erosion of governing goes on.
Nowhere is this more evident than in the state of the budget. The federal government will likely produce its fifth straight trillion-dollar-plus deficit in fiscal year 2013. Publicly held debt exceeds three-fourths of the economy’s total resources, and is on course to be double the size of the entire economy in 25 years.