The so-called "offsets" in this bill, the group continued, are "nothing more than a weak attempt to hide the fact that the agreement is yet another exercise in promising to reduce deficits later in exchange for increasing spending today."
The White House has projected a 1-trillion-dollar budget deficit for the fiscal year 2019, the highest since 2017, Office of Management and Budget said in its recently released Mid-Session Review. The federal budget deficit reached 747 billion dollars in the first nine months of the fiscal year, up 23 percent from the previous year.
The debt ceiling was previously set at 20.5 trillion dollars, and expired on March 1 this year. Since then, U.S. Treasury Secretary Steven Mnuchin has urged congressional leaders to raise the federal debt limit as the Treasury Department began accounting maneuvers to avoid a default.
Mnuchin recently said that in "the most conservative scenario," the department will run out of cash in early September, which is near the end of this fiscal year, and will be unable to pay its over 22-trillion-dollar debt.
"It's a good thing to put off the walk up to the debt ceiling -- we should never play chicken with the country's full faith and credit," Taxpayers for Common Sense said, calling the delay of the impending debt limit "critical."
The group added that the new budget deal just sets the top line spending level for fiscal years 2020 and 2021, and Congress still needs to work out the "nitty-gritty details" of the dozen annual spending bills that fund government, warning that "the specter of shutdowns remain."
【国际英语资讯:Spotlight: Debt ceiling and budget deal draws backlash from advocacy groups】相关文章:
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