Stay Informed!

By Carol Wayman on 08/02/2011 @ 02:00 PM

Tags: Federal Policy, Policy Alerts

Moments ago, the Senate voted to approve a plan that would increase the debt ceiling and decrease the federal deficit by roughly $1 trillion over the next ten years. The plan, which earned approval from the House yesterday, will go to President Obama to sign into law by the end of the day today.

While a much-needed step in ensuring the U.S. government avoids defaulting on debts, the plan does not go far enough given the needs of low- and moderate-income Americans. In order for a deficit reduction plan to truly do what is needed for these disadvantaged communities, a reduction in spending is needed alongside increases in revenue. Those revenue increases, however, are missing from the bill.

In other federal policy news, my opinion piece calling for greater investment in economic development activities by the Federal Home Loan Bank system was published in the 36th anniversary edition of Shelterforce Magazine. Read the piece here, and then use the comments section below to weigh in on how the FHLB’s Affordable Housing Program can serve as a model for expanding the nation’s economic development system.

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