From Red Carpet to Red Ink – The Emmy Awards last night celebrated the best in TV. In Washington, the plotlines are still being written for this fall, but fiscal issues are sure to get star treatment.

At the Federal Reserve meetings in Jackson Hole, CRFB President Maya MacGuineas, commented on fiscal policy and the need for a credible debt reduction plan.

Watch a video of the interview below, or click here to go to CNBC.

Credit-rating agency Standard & Poor’s has a message to U.S. policymakers: We are watching you on the growing national debt.

House Republican Leader John Boehner (R-OH) gave an economic speech today that was billed as setting the policy table if Republicans gain control of the House in November. If so, the table needs some more place settings.

Back to School – For many kids, parents and teachers today is the first day of school. Congress is still out until after Labor Day, but policymakers have plenty of homework.

Washington Empties Out – With both houses of Congress in recess and the president traveling, Washington feels deserted. The biggest news in DC is whether the Nats will sign Bryce Harper. Congress will return after Labor Day.

They’re Here (for a day) – The House did return briefly on Tuesday to approve $26.1 billion in state aid. The president signed the bill, which is fully offset, shortly afterwards.

Yesterday, the House passed the $26 billion bill that would extend increased Medicaid matching to states and education funding to prevent teacher layoffs. The cost of the bill will be fully offset, a great move by Congress given the debacle with HR 4213.

Gone and Back – The Senate has left for its August recess, the House will return this week (for a day). Congress will be back in session after Labor Day for a frenetic month before adjourning again in October for final pre-election campaigning.

CRFB has been calling for policymakers to set fiscal targets for some time. Apparently we haven’t been clear enough on what that means.

Unfortunately, some in Congress have put a bullseye on the few legislators courageous enough to offer ideas to reduce our mounting debt. The Hill today reports on leaders within the House Democratic caucus tearing into four junior members who were naïve enough to offer a measure to moderately reduce spending.

The Wall Street Journal reports that a package of tax extenders might have a harder time getting by the PAYGO regime. Since the planned offsets were used up in the recent state aid package, Congress will need to find another way to pay for them.