In August, Congress approved a bipartisan two-year budget deal for fiscal years 2020 and 2021. The agreement raises overall spending caps for defense and non-defense discretionary programs by $321 billion over two years. Funding for domestic programs will increase by 4.5%, or $27 billion, over the FY19 level. NLC’s Fiscal Year 2020 budget tracker tracks specific FY20 spending
The Cost of Crisis-Driven Fiscal Policy, a study conducted by Macroeconomic Advisers on behalf of the Peter G. Peterson Foundation, finds that the uncertainty created by the on-going short-term spending bills and perpetual brinksmanship around the debt ceiling has pushed the unemployment rate 0.6 percentage points higher than it would otherwise have been this year.
NLC is receiving a lot of media inquiries about the prospect of cities filing for Chapter 9 bankruptcy. It’s not surprising that the chattering classes are agog about cities going under. It’s a grabber of a headline: “City X Files Ch. 9!” The problem with this story is that the numbers just aren’t there to