On Friday, the White House released its 2013 Economic Report of the President, written by the Chair of the Council of Economic Advisers. The document presents the Administration’s domestic and global economic policies and reviews the nation’s economic progress. The report includes a section on the budget outlook for state and local governments, citing NASBO data from the Fall 2012 Fiscal Survey of States on general fund spending trends. “As local economic conditions rebounded, fiscal distress faced by States has abated, although challenges remain,” reads the report. On the federal budget outlook, the report notes that that the President’s fiscal 2014 budget, expected to be released in April, “will put debt as a share of the economy on a stable path and place the budget in a fiscally sustainable position in the 10-year budget window.” The report describes the nation’s economic progress in 2012, citing the more than 2 million jobs added and the improving housing market. It also stresses the fiscal and economic challenges ahead associated with rising health care costs and an aging population. The President’s economic agenda, as outlined in the report, include making investments in education, research and infrastructure, growing middle-class jobs, reforming the nation’s immigration system, addressing climate change and shifting toward greater energy independence, as well as increasing financial system protections, opening new export markets, and enhancing the global competitiveness of the country’s workforce.

Link: Report