Fiscal challenges, caregiving, child welfare, and around BPC

Subscribe here to receive The Note in your inbox every Friday afternoon.

Fiscal challenges

Last night’s presidential debate included lots of back and forth on federal spending, taxes, and our national debt, with neither candidate offering specifics on how he would address those issues. But whoever wins in November will immediately confront the gravity of our fiscal outlook: the deficit is on track to hit $2 trillion this year, and the Congressional Budget Office now estimates that the debt will top $50 trillion and measure more than 120% of the economy within the next decade. Next year not only will bring the return of the debt limit, but also a “Tax Armageddon” battle over popular individual and corporate tax breaks set to expire at the end of 2025. Eyeing the thickening red ink, lawmakers of both parties on Capitol Hill seem open to exploring fiscal reforms, but they’re far apart on how (or whether) to pay for any tax cuts they extend beyond 2025.

Caregiving

More than 80% of voters support paid family and medical leave, caregiver tax credits, expanded services and subsidies for long-term care, and incentives for employers to offer caregiving benefits, finds a new poll that Morning Consult conducted for BPC Action and Pivotal Ventures. More than half of caregivers (roughly 26% of registered voters) say the demands have affected their careers, two-thirds say they’ve pinched their finances, and a third say they’ve limited their educational pursuits. Not surprisingly, 82% of voters say it’s important that policymakers increase investments so Americans can more easily care for loved ones, and 79% say it’s important that policymakers seek bipartisan solutions.

Child welfare

“Bipartisanship has been a defining feature of federal child welfare legislation for decades,” BPC Fellow Rob Geen told a House Ways and Means subcommittee this week. He applauded congressional interest in reauthorizing Title IV-B, which provides flexible child welfare funding for states and Tribes. He also noted that, based on BPC-commissioned polling, Americans recognize “the challenges that our nation’s child welfare system faces and the opportunity to better support families.”

Around BPC

Senate Project debate: Sens. Bill Cassidy (R-LA) and Sheldon Whitehouse (D-RI) debated this week in the fifth installment of BPC’s Senate Project series, on which BPC partners with the Edward M. Kennedy Institute for the U.S. Senate and the Orrin G. Hatch Foundation. Moderated by NBC News Chief Political Analyst Chuck Todd, the debate will air next week on C-SPAN Networks, C-SPAN.org and Sirius XM POTUS Channel 124.

Climate and trade summit: Please join us, in person or online, Tuesday, July 10 for our inaugural Climate and Trade Summit. Experts will discuss the future of U.S. climate and trade policy – including discussions on proposed legislation, potential policy designs, and the politics that can create bipartisanship on this topic. Sens. Bill Cassidy (R-LA), Chris Coons (D-DE), Kevin Cramer (R-ND), and Sheldon Whitehouse (D-RI) and Reps. John Curtis (R-UT), Diana DeGette (D-CO), and Scott Peters (D-CA) are confirmed to attend.

Happy July Fourth. We’ll be back in touch when Congress returns next month.