Congress has left town for the year but alas not before another bipartisan spending party that has typified the Trump Presidency.
Lawmakers whooped through $1.4 trillion in discretionary spending for the rest of the fiscal year with little debate or objection.
A bipartisan deal on the budget outlines in August was supposed to give Congress time to negotiate 12 individual spending bills, but as usual they couldn't agree so they piled it all into two bills totalling more than 2,300 pages on Monday.
The Club for Growth notes that the bills increase discretionary outlays by more than $175 billion over last year, and budget watchdogs estimate the higher spending caps Congress agreed to this summer will add $1.7 trillion to the national debt over 10 years.
CBO says tax receipts grew 4% last fiscal year, through September, and 3% in the first two months this year.
Spending is growing much faster: 8% last fiscal year, more than four times the inflation rate, and 6% in October and November this year.
In addition to the latest discretionary bills, spending on Social Security, Medicare and Medicaid continue to soar this year.
https://www.wsj.com/articles/the-bipartisan-spending-party-11577053425?mod=hp_opin_pos_3
Lawmakers whooped through $1.4 trillion in discretionary spending for the rest of the fiscal year with little debate or objection.
A bipartisan deal on the budget outlines in August was supposed to give Congress time to negotiate 12 individual spending bills, but as usual they couldn't agree so they piled it all into two bills totalling more than 2,300 pages on Monday.
The Club for Growth notes that the bills increase discretionary outlays by more than $175 billion over last year, and budget watchdogs estimate the higher spending caps Congress agreed to this summer will add $1.7 trillion to the national debt over 10 years.
CBO says tax receipts grew 4% last fiscal year, through September, and 3% in the first two months this year.
Spending is growing much faster: 8% last fiscal year, more than four times the inflation rate, and 6% in October and November this year.
In addition to the latest discretionary bills, spending on Social Security, Medicare and Medicaid continue to soar this year.
https://www.wsj.com/articles/the-bipartisan-spending-party-11577053425?mod=hp_opin_pos_3
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