The nonpartisan Committee for a Responsible Federal Budget has released an analysis showing that the budget resolution Republicans plan to adopt could potentially add up to $5.8 trillion to the deficit over the next decade. This unprecedented deficit increase would be larger than many major laws enacted in recent years and equivalent to adding a large new welfare program to the federal deficit. The analysis highlighted that the largest deficit increase within the package would come from extending the 2017 GOP tax law and making other changes to the tax code.
Republicans in Congress are using the reconciliation process to pass their core campaign promises without needing Democratic support due to the Senate filibuster rule. The House Republicans aim to offset some of the new deficits by cutting federal spending, with concerns raised about potential cuts to Medicare and Medicaid. The Senate Republican approach includes a much lower threshold for cutting government spending across various committees.
The Committee for a Responsible Federal Budget urges lawmakers to reconsider the current budget resolution and pass a fiscally responsible package to improve the debt outlook. The Senate is expected to vote on the compromise budget resolution this weekend for final approval, which will allow them to begin writing and debating the reconciliation package.
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