CBO Chief: Do-Nothing Congress Stalling The Economy

With sequestration and end of Bush-era tax cuts, Congress must signal it is working to stabilize the economy.

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"One serious signal would be to show committees on both sides are working on options and have some plans in mind and sure the election might push them one way or another, but they are working behind the scenes," Fortier says.

"What I worry about most is that our political system needs to come to grips with this fundamental choice about whether we are going to let taxes rise, relative to what we are used to in the past, or cut spending on the big, popular entitlement programs," CBO Director Elmendorf says. "I think they will, but I worry about how long it will take for those decisions to be made and the effect a delay will have on the budget future and the economy now."

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