The Coming Battle Over Spending Cuts And National Debt

The Coming Battle Over Spending Cuts And National Debt

Congress and the White House have about two months to come up with a plan to avoid deep across-the-board spending cuts, raise the debt limit and agree on how to fund government programs. What's next for the nation's finances and what it means for you.

The last-minute deal between Congress and the White House prevented the drastic spending cuts and tax increases known as the “fiscal cliff” from taking effect this week. But it also set the stage for even fiercer battles over spending and debt in the months ahead. The automatic spending cuts have been postponed for two months. That’s about the same time as the government's legal authority to borrow money expires. The federal debt ceiling will need to be raised to avoid default. And in March, the budget resolution that funds the government expires. what’s up next for the nation’s finances, and what that could mean for you. Jared Bernstein from the Center on Budget and Policy Priorities, David Wessel of the Wall Street Journal and Chris Edwards from the Cato Unstitute join guest host Susan Page to discuss the nation’s short- and long-term spending and debt challenges.

Guests

Jared Bernstein

senior fellow at the Center on Budget and Policy Priorities, and former chief economist and economic policy adviser for Vice President Joe Biden.

Chris Edwards

economist and editor of DownsizingGovernment.org, Cato Institute.

David Wessel

economics editor for The Wall Street Journal and author of "Red Ink: Inside the High-Stakes Politics of the Federal Budget."

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