Congress has passed a budget for the rest of the year that keeps the sequestration in place. Now all we need is a rise in the debt ceiling and FY2013’s budget is finished.
Obviously, I’d like some entitlement reform. But moving toward an actual budget process is a first step toward sane fiscal policy. Flat spending trends will bring the deficit at least under $1 trillion for the first time since Obama and possibly much lower, depending on how the economy does and exactly how much the sequester bring down spending. That’s progress, albiet slow and painful one. But entitlement and tax reform are the next steps that need to be taken. Because the long term is where we’re screwed.