Congress Considers Higher Spending Levels Even as National Debt Nears $20 Trillion
On September 30th, the federal government will run out of discretionary funding unless Congress takes action. Currently, all signs point to Congress passing a continuing resolution (CR), as they have done the last couple of years, which would continue funding the government for an allotted period of time.
Congress must decide two things. First, how long this CR should fund the government and second, at what spending levels. The fiscally responsible approach would be to fund the government through the lame duck and at lower spending levels ($1.040) agreed to under the Budget Control Act (BCA). This would stop unaccountable politicians from passing additional legislation on their way out the door and signal to the American people that Congress is serious about reduce federal spending to address the growing national debt.
Unfortunately, many politicians are calling for a shorter CR that would set funding at higher spending levels ($1.070 trillion) negotiated by President Obama and former House Speaker John Boehner at the end of last year, the so–called Bipartisan Budget Act (BBA).
As Congress considers this important piece of legislation, they should look to American businesses across the country as an example of what to do. Business owners are forced to balance their budgets, make payroll before taking care of themselves, and do what’s right for their company with a long-term outlook. Reducing federal spending by less than 3% should not be too much to ask for.