The House Budget Committee recently reported out three budget reform bills advertised as exemplifying “the unwavering bipartisan, bicameral commitment to averting our nation’s imminent spending and fiscal crisis.” In reaction, most yawned. Many conservatives howled, exclaiming the main bill, the Fiscal Commission Act of 2024 (FCA), was a tax hike trojan horse. The conservatives need not worry…yet. The yawners were right.
Before raining on their parade, the Committee’s Chair, Jodey Arrington, deserves credit for reporting bipartisan legislation. Any acknowledgement we have a serious deficit problem under President Biden is welcome. The Congressional Budget Office (CBO) projects that under Biden’s policies federal debt will soar 81% over the next 10 years, to nearly $47 trillion. (RELATED: JD FOSTER: Donald Trump Should Make NATO A Deal It Can’t Refuse)
The Budget Committee also passed the Fiscal State of the Nation Act which requires the Comptroller General to present an overview of the nation’s fiscal health. The underlying premise of this bill is that voters, Congress, and the President lack sufficient or appropriate information necessary for........