The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:
With inflation surging and the national debt approaching record levels, now is not the time to add more to the national credit card.
The President’s requests would address important domestic and international priorities, but that doesn’t mean we should borrow to pay for them. If these truly are priorities for the White House, they should suggest accompanying spending cuts or revenues to pay for them. And Congress should not attach additional funding to any CR without sufficient offsets.
It’s bad enough that Congress is operating without a budget and can’t pass appropriations bills on time. The least they can do now is prevent the government from shutting down at the end of the month and ensure that they don’t add to the debt in the process.
It seems for every one step forward, we take two or three steps back – just look at last month’s costly and inflationary student debt plan adding half a trillion to deficits.
Any supplemental funding should be paid for. We’ve known about these issues for quite some time, and adding even more to the national debt to meet these needs would be irresponsible.
Further borrowing would make the Federal Reserve’s job of fighting inflation even harder and increase the risk we end up in a recession. Congress should be judicious in how much supplemental funding it passes and ensure this new funding is fully offset.
This is the same group who just endorsed the misnamed spending spree titled the “inflation Reduction Act” – which will add to our deficits and debts and spending.
Not that I read. They have consistently been critical of deficit spending. https://quinnscommentary.net/2022/09/09/for-those-who-support-more-unfunded-federal-spending-who-among-you-will-take-responsibility-for-the-consequences/
To quote these same folks, one of many endorsements for the Inflation Reduction Act: “this would be a welcomed improvement from the status quo.” It adds new spending, and it won’t reduce inflation – the federal government has totally abandoned any spending discipline!
The problem is that most of the spending is up front, and most of the taxing is at the back end – when a future Congress can just change the rules … like they almost always do!!!!!
According to the CBO scoring, itself very suspect and easily manipulated, the Inflation Reduction Act Inc lowers the deficit by $18T in 2023, then increases the deficit by $3T, $17T, $22T, $4T from FY 2024 – FY 2027. https://www.cbo.gov/system/files/2022-08/hr5376_IR_Act_8-3-22.pdf
Let’s see what they do with the next Continuing Resolution – how do you define “clean”? And, keep in mind that “clean” means continuing the status quo, which dug us this deep hole to begin with.