WASHINGTON — President Trump Friday signed the $1.3 trillion spending bill to fund government programs for the remaining six months of Fiscal 2018.
The executive director of the Concord Coalition called the president’s actions an abandonment of fiscal responsibility. It’s plan that will require more federal borrowing, says Robert L. Bixby.
“Rather than working to put the budget on a sustainable path, Trump and Congress are making things worse,” the director said. “The national debt is already quite high by historical levels and rising rapidly. The deficit-financed tax cuts that were approved in December will add at least $1 trillion to that debt, and perhaps much more.”
Elected officials have approved an $80 billion increase over previously authorized levels in defense spending and a $63 billion increase in domestic spending. But there’s no reprieve in sight, Bixby said, only more borrowing and spending.
“The combination of tax cuts and spending increases will likely lead to the return of trillion-dollar deficits in the next fiscal year and beyond, despite a growing economy. The new legislation also illustrates how badly the federal budget process is broken. Congress should have sent a dozen separate, carefully considered spending bills to the White House last summer and early fall. Instead lawmakers after Fiscal 2018 began relied on a series of stop-gap measures, threats and deadline brinkmanship. Half the fiscal year is already over.”
Bixby said as FY19 approaches, lawmakers and Trump have plenty to approve.That means they must work to reduce federal deficits instead of bringing them up.
The Concord Coalition is a nonpartisan, grassroots organization dedicated to fiscal responsibility. Since 1992, Concord has worked to educate the public about the causes and consequences of the federal deficit and debt, and to develop realistic solutions for sustainable budgets. For more fiscal news and analysis, visit Concordcoalition.org.