We wish we could blame this on Biden and Bernie Sanders, but Republicans are in on this scam. Remember: under the Debt Limit Deal Between Biden and House Speaker Kevin McCarthy we were supposed to cap spending at 2022 levels. But a new Heritage Foundation fiscal report finds that just a few months after the deal was signed, both parties are finding stealth ways around the limits:
- The Fiscal Responsibility Act (FRA) features potential “budgetary adjustments” that could raise FY 2024 spending limits $42 billion above the FY 2023 level.
- The FRA could classify billions of dollars of non-defense discretionary spending as “emergency” spending that is not subject to caps.
- After accounting for adjustments, discretionary spending in the FRA would never fall below FY 2023 levels.
We recommend this video, which explains the budget hocus pocus.