House Reconciliation Plan Would Add More Than $100 Billion to Deficits, Cato Budget Expert Says
The House Budget Committee today released its Fiscal Year 2027 budget resolution, paving the way for a third budget reconciliation bill that would generate more than $100 billion in deficits by authorizing more spending for defense and agriculture subsidies, without offsetting spending reductions.
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The following is a statement from Romina Boccia, director of budget and entitlement policy at the Cato Institute:
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“Congress is wasting another opportunity to use reconciliation for what it should do: reduce deficits by cutting waste, fraud, and abuse in federal spending. Instead of making life more affordable by reforming bloated welfare and health care programs, lawmakers are using this powerful budget tool to finance another round of special-interest giveaways for the farm lobby and expand the defense apparatus—all on the nation’s credit card. Reconciliation should be about restoring fiscal discipline, not finding new ways to spend borrowed money.”
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Earlier this year, Boccia and other Cato scholars urged Congress to use reconciliation to reduce federal spending, strengthen program integrity, eliminate corporate welfare, and reform major entitlement programs that are driving long-term deficits. The House budget resolution moves in the opposite direction, authorizing additional borrowing while leaving the nation’s largest fiscal challenges unaddressed.
You can find the budget resolution here, and a broader roundup of Cato’s reconciliation analysis here. If you’re interested in speaking with Romina about the budget resolution, reconciliation, or the federal fiscal outlook, I’m happy to connect you.
Best,
Ryan Carver
Media Relations Manager
540–589-0573
Cato Institute
1000 Massachusetts Avenue, N.W.
Washington, DC 20001
Source: https://www.cato.org/news-releases/house-reconciliation-plan-would-add-more-100-billion-deficits-cato-budget-expert-says
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