Although it’s named the Fiscal Responsibility Act, the compromise debt ceiling package that President Joe Biden signed into law this past weekend doesn’t do much to fix the nation’s enormous financial challenges
The deal, which prevented the US from defaulting on its obligations and unleashing economic upheaval, holds non-defense discretionary spending relatively flat for the coming fiscal year after agreed-upon appropriations adjustments and allows an increase of only 1% the following fiscal year. It temporarily expands work requirements in the food stamps program and rescinds more than $21 billion in funding for the Internal Revenue Service. All told, it would reduce budget deficits by about $1.
Those drivers include spending on mandatory programs like Social Security and Medicare and the lack of sufficient tax revenues. Social Security accounted for about 19% of federal spending in fiscal 2022, while Medicare took up 12%, according to US Treasury Department data.
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