Congress is taking up the Fiscal Responsibility Act, which would reduce federal budget deficits by $1.5 trillion over 10 years, with most of the savings coming from spending caps.
Rep. Michael Burgess, R-Texas, discusses the planned House vote on the bipartisan debt deal and U.S. oil entering the world's most important benchmark.and House Speaker Kevin McCarthy, R-Calif., in exchange for raising the debt limit until January 2025 is set to move through Congress in the next few days – just in time to prevent the federal government from defaulting on its debt as early as June 5.
As the debate has played out, lawmakers from both sides of the aisle have taken issue with the size of the spending cuts. Some fiscally conservative Republicans have argued that the spending reductions don’t go far enough while progressive Democrats have said they cut vital programs too deeply.
The nonpartisan Congressional Budget Office on Wednesday released its cost estimate of the impact of the FRA on the budget and found that if Congress and the president adhere to the two-year mandatory spending caps and carry on with the bill’s budget guidelines beyond then, the bill will reduce federal deficits by more than $1.5 trillion from 2023 to 2033.
Of the total $1.527 trillion in deficit reduction over the decade, more than $1.331 trillion is expected to come from caps on discretionary spending, which covers all the agencies and programs that Congress funds annually through the appropriations process.
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