Opinion: Jay Obernolte: Fiscal Responsibility Act is a step forward, but more work remains to be done
The words “we have a deal” echoed through the halls of Congress after 97 days of waiting for the White House to engage in negotiations, several weeks of intense talks, and decades of out-of-control government spending that had been left completely unchecked.
The Fiscal Responsibility Act is the largest spending reduction Congress has ever enacted at more than $2.1 trillion, and it is a step forward in the fight for fiscal sanity. However, I wish this bill had gone several steps further. Thanks to our rate of deficit spending in recent years, this level of spending reduction is still far from a long-term solution to America’s fiscal problems. However, it is at least one step in the right direction, and one is better than none.
While there remains copious work to be done to reduce our national debt and put our country on track towards a balanced budget and a stable economy, the Fiscal Responsibility Act takes the important step of capping non-defense discretionary spending at pre-inflationary fiscal year 2022 levels and limiting annual increases in spending to 1% for the next six years.
This bill also claws back tens of billions in unspent COVID-19 funds, removes the $1.4 billion in additional IRS funding allocated to the IRS to increase audits by the previous Congress, and requires borrowers to be responsible for paying off their student loan debts, saving taxpayers an estimated $5 billion every month.
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