Fort Report: Decoding Washington Words

Lately, you've heard a good deal of Washington-speak about the budget, words like sequestration, continuing resolution, debt ceiling. Each of these technical terms have to do with various efforts by Congress and the President to pay the government's obligations and provide essential services while also putting our country on a more fiscally sustainable course.

At this week's "Nebraska breakfast" in Washington, I spoke to visiting Nebraskans about what this all means and the dynamics of the budget process. You can view my speech by clicking here (the video also includes some candid, light-hearted moments that soften the statistics!):

Click here to view the Nebraska Breakfast video

Our federal debt is ever-growing – projected to reach $17 trillion this year. Annual deficits have exceeded $1 trillion for the previous four fiscal years. While the House of Representatives has advanced budget plans each of those years, the last time the Senate passed a budget, the iPad was not yet around. The federal budgeting process has careened from one crisis to the next.

Two weeks ago, "sequestration" took effect. While the automatic spending cuts are painful, sequestration is serving as a stark reminder of the necessity to make a responsible budget and execute it. The House recently passed a funding plan for the remainder of the year that keeps the reductions but builds in flexibility for our nation's defense needs.

Demonstrating the federal government's further willingness to get serious about spending control will help the national economy. The housing market is showing signs of recovery, and consumer confidence seems to be increasing. Setting a reasonable federal budget, one that seriously addresses the driving forces of our overspending, will continue to ease economic uncertainty and help unleash the entrepreneurial power of America's small businesses and local economies, creating jobs for families.