End-of-Year Changes Need Offsets
As policymakers continue to negotiate a possible omnibus appropriations bill, there is also discussion of attaching a variety of revenue and mandatory spending proposals. In particular, Congress may consider extending, reviving, or expanding a variety of tax and health care provisions.
The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:
With inflation surging and debt approaching record levels, the last thing we need is more borrowing. Policymakers should be judicious about what they put in this package and make sure that any spending increase or tax cut is fully offset so that it doesn’t worsen inflation or add to the debt.
Policymakers have added nearly $5 trillion to projected debt over the past two years through legislation and executive actions. It’s no surprise that inflation has surged and interest rates are rising.
It’s time to get back to basics and start adhering to the pay-as-you-go principle – if something is worth doing, it’s worth paying for. At a minimum, Congress should be able to make it through the rest of the year – just 19 more days – with no new debt.
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