Real test of Fiscal Responsibility Act will be sturdiness of spending targets WashTimesOpEd
First, let’s think about federal budget outlays. Since the end of World War II, there have been only a handful of years in which federal budget outlays decreased year after year. Not surprisingly, three of those years — 1946, 1947 and 1948 — occurred as the nation wound down from the war. Outlays decreased again in 1965 and, more recently, in 2022 as the federal government came down from the sugar high of COVID-19 spending.
And despite all the talk about retrieving unspent cash from legislation associated with the response to COVID-19, the amount recovered in the debt limit deal is essentially de minimis — less than $30 billion of more than $5 trillion appropriated. The story with respect to the $87 billion in new funding for the Internal Revenue Service is essentially the same.
The speaker’s other negotiator, Republican Patrick McHenry of North Carolina, chairman of the House Financial Services Committee, was also an unusual choice. As recently as last November, he made it clear that, like President Biden, he preferred a “clean” increase in the debt limit — that is, one without any effort at all to address the addiction that the federal government has to spend cash it doesn’t have.
A vote for the Fiscal Responsibility Act is certainly defensible. It is possible that the legislation is the best that could be done under the circumstances. It is possible that the spending targets proposed for the coming years will happen. We won’t know for some time.
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