Another Budget Fudge, Another Opportunity Wasted

Congress’ monthslong budget fight seems likely to culminate soon. Lawmakers overwhelmingly passed a package of bills in early March to fund key agencies through the rest of the fiscal year; a deal on six remaining bills looks achievable by the Friday deadline to avoid a government shutdown. Both sides can plausibly claim some victories. The only problem? They have — once again — summarily ignored the actual source of America’s fiscal woes.

Overall discretionary spending this year will be capped at $1.6 trillion as part of a debt-limit bill reached last May. That’s progress of a kind. Yet at about 6% of gross domestic product, public borrowing remains far too high, despite the strength of the economy. Public debt is therefore projected to keep rising, barring unforeseen setbacks, from 99% this year to 116% by 2034. Getting borrowing back under control will require forthright action, and a point will come when voters demand it.