The Congress Gets Richer, Growtopia Gets Rich
The House of Representatives has a $2.8 trillion budget deficit and is on track to hit a $5 trillion debt ceiling in March.
The budget deficit for the first half of 2017 is $2,879.3 billion, which is more than double the $2 billion deficit for all of 2016.
Congress also has a large backlog of unfinished business that includes the Deferred Action for Childhood Arrivals (DACA) amnesty, a proposed increase in the minimum wage and other contentious issues.
In the second half of the year, the deficit is projected to climb to $2 trillion, and the debt ceiling will reach $5.2 trillion in March, according to a CBO report.
The CBO also projects that the economy will expand at a pace of 2.3 percent in 2017 and a further 2.4 percent in 2018.
That will put the federal government on pace to reach its maximum debt limit in 2020, which would be a huge boost to growth and the economy.
The Senate, on the other hand, is on pace for a $4 trillion budget surplus in 2019 and a $1.5 trillion deficit in 2020.
Both chambers of Congress are also poised to pass the DISCLOSE Act that would require members of Congress to publicly disclose their personal financial information.
The bill is supported by the Republican-led Senate, but has not yet passed in the House of Representative.
House Speaker Paul Ryan is expected to unveil his fiscal plan on Wednesday, but it is expected the plan will include more tax cuts and fewer spending increases than the House version.