Congress Should Avoid Budget-Busting Omnibus
Congressional negotiators are apparently discussing a Fiscal Year 2023 omnibus appropriations bill of $1.65 trillion or higher, which would represent at least a 10 percent increase from last year’s levels on top of the large increase between 2021 and 2022.
The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:
To help fight inflation and reduce the risk of a deep recession, Congress needs to bring spending under control, not continue to boost it.
A 10-percent-plus boost to defense and nondefense spending would expand government spending even relative to today’s high inflation.
An omnibus this large would increase deficits, further drive up our debt, and make it harder for the Federal Reserve to fight inflation.
In combination with the tax breaks and spending increases Congress is also discussing, an end-of-year omnibus deal this size would pour far too much fuel on the inflation fire.
Instead of horse-trading more military funding for more nondefense discretionary funding and more tax breaks for more spending, policymakers should agree on no more new debt for the rest of 2022.
By passing a modest omnibus funding bill or a CR and fully paying for any tax and spending changes, Washington could help reassure the public that they are serious about helping the Fed fight inflation and about beginning to tackle our massive federal debt.
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