Republicans are discussing a strategy to reduce federal spending by $150 billion by focusing on “woke” policies. They take their cues from Russell Vought, who oversaw the budget under former President Donald Trump.
The chairman of the House Budget Committee, Rep. Jodey Arrington, stated that the Republicans are developing a budget that is consistent with what is in his proposal.
According to Russell Vought, the Department of Education’s “woke” policies would cost $25 billion less. Funding for housing and CDC initiatives aimed at preventing chronic diseases and STDs are also on Vought’s list to reduce.
President Joe Biden’s budget, according to Treasury Secretary Janet Yellen, will significantly reduce the deficit over the following ten years. As long as it is not connected to the debt ceiling, negotiations with Republicans on that matter are possible, according to the Insider report.
READ ALSO: Retirement Savings Goal in 2023: Here’s How After-Tax 401(k) Contributions Can Help You!
Debt Ceiling
Unless Congress raises the $31.4 trillion debt ceiling, the Congressional Budget Office predicted that the US Treasury would run out of emergency measures to prevent a debt default between July and September.
The most recent estimate states that the IRS’s April tax collections will determine the precise date. The CBO also updated its forecast for the federal budget deficit over the following ten years. The country reached the debt ceiling in January. “Extraordinary measures” were put in place by Treasury Secretary Janet Yellen, allowing the government to borrow money to pay its obligations.
According to CBO Director Phillip Swagel, the government would have to postpone making payments for some obligations, fall into default on its debt obligations, or both.
Senior lawmakers from both parties on Capitol Hill have repeatedly reassured the public that the US will not default on its debts and that a bill will be enacted in time to prevent a disaster.
READ ALSO: Inflation Adjustments For 2023: Here’s How You Can Pay 0% Capital Gains Taxes!
