Written by by Nicholas Ballasy at justthenews.com
U.S. lawmakers are considering enacting policies that could result in $2.3 trillion in new borrowing, according to an analysis by a budget watchdog group.
“So far, this year, lawmakers have enacted $1.3 trillion of ten-year debt reduction (see our debt thermometer) – the most since 2011. But policies under consideration for passage in the coming months could erase these savings,” read the analysis from the Committee for a Responsible Federal Budget released on Wednesday. “We estimate these policies could add up to $675 billion to the debt if enacted on a temporary basis and up to $2.3 trillion if made permanent.”
According to CRFB, “while it’s unlikely that all of these policies would make it into a package, if the past is prologue, some combination could find itself alongside must-pass legislation.”
In November, Congress passed a “laddered” continuing resolution with a final spending deadline of Feb. 2. Lawmakers will need to pass an additional spending bill to keep the government funded through the rest of fiscal year 2024.