Federal Deficit

AgnosticPreachersKid licensed under the Creative Commons Attribution-Share Alike 3.0 Unported license.

The nation's treasury secretary initially thought lawmakers wouldn't have to raise the debt ceiling until October or November, but White House officials have moved that deadline to early September. That's because projected federal revenues are way down, according to the Bipartisan Policy Center, a wonky think tank that tries to avoid the partisan tit-for-tat that's come to mark contemporary politics.

money
CC0 Public Domain

U.S. Senators Mike Enzi of Wyoming and John McCain of Arizona reintroduced the COINS Act last week, pushing to replace the dollar bill with a coin. The legislation would also create a cheaper process for producing nickels and eliminate the penny, which the treasury has said costs more than it is worth.

Proponents of these changes say they will add billions of dollars to the federal budget. Similar bills have failed in multiple recent sessions, but Press Secretary Max D’Onofrio said Enzi sees the bill as a tool to reduce the deficit.

Senator Simpson Speaks Out On Deficit

Nov 29, 2012

Former U-S Senator Alan Simpson is in Washington D-C speaking to members of Congress about his concerns surrounding the deficit. 

He told Congressional leaders that America cannot go off the fiscal cliff.

“Well it will be a disaster because the markets will then respond and those are the people that loaned us the money and they will say we can see you are dysfunctional you’ve proven that you couldn’t do a lick to sustain the solvency of the Social Security System.”

Listen to the Story

INTRO: Can citizens do what Congress cannot? That was the challenge put to Teton County residents by the Concord Coalition, a non-partisan group that aims to raise public awareness about the federal deficit. The coalition invited citizens to play Congress for a day to cut the federal deficit and move the nation closer to a balanced budget. Rebecca Huntington has more.