Taxpayers for Common Sense president Steve Ellis’ statement on the Fiscal Year 2024 President’s Budget Request.
The President’s budget request for fiscal year 2024 is out – sort of. The topline parameters of the budget have been released but the details have not. So we only know what the Biden Administration wants us to know. Considering that, under law, this release is a month late it would have been better for all of it to come out at the same time.
From what we have seen the President is proposing an increase in defense spending, up to $3 trillion in deficit reduction, and proposals to put Medicare on sounder financial footing. Taking each of these in turn:
The increase in defense spending is hardly justified. It seems to just go up and up and even with a proposed increase, many lawmakers are going to push to add to the total just to sound tougher. More is not strategy, taxpayers deserve to know the strategic justification of the increases and what offsets are being ignored.
On the deficit reduction figure, the Congressional Budget Office has estimated that the cumulative deficits over the next decade will total $22 trillion. While we welcome any amount of deficit reduction, this is hardly a dent in the total. Furthermore, the budget appears to rely on tax increase measures that have not been taken up by Democratic congresses – with the House now under Republican control it is hard to see these particular proposals going anywhere. In divided government large tax increase proposals from Democrats and deep non-defense discretionary spending cuts by Republicans are obvious non-starters that don’t help deal with the nation’s very real fiscal challenges.
Finally, we applaud the White House for acknowledging something needs to be done to shore up Medicare before costs overtake revenue. TCS is eager for policymakers to have the debate on how to manage both Medicare and Social Security, because not doing anything as they ramble toward insolvency is legislative malpractice.
We await to hear more details about the budget and are eager to work with lawmakers in the legislative process, particularly in the House with its promise of a return to regular order.
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TIMELINE
March 15, 2023
Our Take: Navy Looks to “Divest to Invest” in Shipbuilding
March 14, 2023
Analysis: Space Force Spending Request
Analysis: National Nuclear Security Administration and Department of Energy Cleanup
Analysis: Budget Request for the Department of Homeland Security
March 13, 2023
Our Take: F-35 Spending Flies High
March 10, 2023
Our Take: Third Time, Not a Charm: No Farm Subsidy or Crop Insurance Cuts in FY24 Budget
Analysis: Underselling Costs in the Corps of Engineers Budget
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Our Take: Backpedaling on Hardrock Reform
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Our Take: More on International Tax Havens
Analysis: National Defense Spending Jigsaw Puzzle
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Analysis: Leave No Agency Behind (In Reality)
Our Take: Missing Details in a Piecemeal Budget
March 8, 2023
Weekly Wastebasket: Budget, Budget
March 7, 2023
Podcast: Budget Watchdog, All Federal — Ep. 41: Budget, Oversight and Transparency
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