Ireland, like other European Union nations including Spain, Portugal, and Greece, risked losing the confidence of its creditors when it did not have a strategy to get its fiscal house in order after taking on massive debt to rescue its economy and financial system over the past few years. 

On March 5, the Congressional Budget Office (CBO) gave us a preview of its take on the President’s budget proposals for Fiscal Year 2011 (starting October 1st this year) in a letter to Senate Appropriations Committee Chairman Inouye. CRFB blogged on key features of the preliminary analysis here and here.

Those were some of the words uttered by House Majority Leader Steny Hoyer (D-MD) today at the Brookings Institution as the latest political leader to warn about the crushing weight that our deficits and ballooning debt would bring to bear on future generations. Hoyer’s bottom line was that if nothing is done soon, in the not so distant future, our entire economy will not provide enough to pay for all the promises that have been made by the federal government.

Here are the highlights from this weekend’s editorials on fiscal and budget policy:

As D.C. slowly emerged from under the white blanket of the blizzard, discussion turned today to how the U.S. can rise out of a sea of red ink. Three fiscal experts, all members of the Peterson-Pew Commission on Budget Reform, testified before the Senate Budget Committee today on the need for the U.S. to set fiscal goals now to stabilize the debt and place the nation on a more sustainable fiscal course.

Experts concerned about the nation’s fiscal and economic outlook braved the snow yesterday to participate in a Senate Budget Committee hearing on “Crisis and Aftermath: The Economic Outlook and Risks for the Federal Budget and Debt.” There was a great deal of agreement among the economists testifying that confronting the debt would be critical to promoting economic recovery and growth. As Washington digs out of 2-plus feet of snow, we must stop digging a larger debt hole.

The stakes are high and the House is raising the limit and calling the shots. No, we’re not talking Vegas – the casinos wish they were dealing with this kind of dough – this is Washington, baby and what happens in DC … affects us all. CQ reports (subscription required) that the House of Representatives will vote today on legislation passed by the Senate last week raising the debt limit to $14.3 trillion.

Congressman Paul Ryan’s Roadmap for America’s Future 2.0 is a standout accomplishment if for no other reason than that it deals with details. Imagine that, a lawmaker who backs up his views on the role of government with actual proposals.

Like peanut butter and jelly, diet and exercise, and bourbon and bacon (or is that just us?) PAYGO and spending caps are best when together. You wouldn't know it from the votes surrounding the debt limit increase.

In this week’s debate on the Senate floor and the release of several congressional plans to address the deficit and debt, the national debt is on the radar inside Washington. But a recent op-ed by two of CRFB board members (Jim Jones and Douglas Holtz-Eakin) highlights why the national debt is an issue far outside the Beltway and could have huge international consequences.