Trump proposes $15 billion in spending cuts
The White House has sent a $15 billion list of spending cuts to Capitol Hill in hopes stemming at least a portion of the red ink spilled with the passed of the gawd-awful $1.3 trillion omnibus budget bill:
Almost half of the proposed cuts would come from two accounts within the Children’s Health Insurance Program (CHIP) that White House officials said expired last year or are not expected to be drawn upon. An additional $800 million in cuts would come from money created by the Affordable Care Act in 2010 to test innovative payment and service delivery models.
Those are just a handful of the more than 30 programs the White House is proposing to Congress for “rescission,” a process of culling back money that was previously authorized. Once the White House sends the request to Congress, lawmakers have 45 days to vote on the plan or a scaled-back version of it through a simple majority vote.
If approved by Congress, the reductions would represent less than 0.4 percent of total government spending this year.
Rep. Mark Walker (R-N.C.) said in an interview that conservatives were given assurances from the White House that this package would be the first of several, and he said lawmakers were anxious to get started on the cuts. “I hope it’s never painted that this is just symbolic or a political gesture,” Walker said. “We think it’s very legitimate.”
We hope it’s legitimate. Congress went on one of the most horrific spending binges in recent memory in the omnibus, all but ensuring the federal government would run trillion dollar deficits for years to come.
Pulling back even a small amount of that money would be a good step. They should do much, much more, of course, while they still can.
Eventually, Uncle Sam is going to find it harder and harder to sell its debt in the marketplace without paying higher and higher interest rates. The higher the rates, the more of each budget that goes to interest payments – and not to the programs that congressmen and their constituents love.
Cut now, cut often, and cut deep.