Appropriation Bills Continue Unsustainable Spending Levels, Threaten Economic Future

Nov 10, 2020 by AFP

Arlington, VA – Following the Senate Appropriations Committee release of a dozen fiscal 2021 spending bills, Americans for Prosperity (AFP) urged lawmakers to keep appropriations bills within the spending caps and prioritize fiscal responsibility as the national debt has soared to over $27 trillion, or 135.65% of GDP according to the St. Louis Federal Reserve Bank.

For years, AFP has been at the forefront of advocating for fiscal responsibility regardless of which political party is in power. Last year, AFP launched a long-term campaign, Securing America’s Future, which not only details how inaction on the debt will have lasting consequences for all, but also outlines immediate steps Congress can take to fend off this rapidly approaching crisis.

AFP Senior Policy Fellow Alison Acosta Winters issued the following statement:

“Our government’s growing and unsustainable spending is threatening our country’s economic future. In a time where families and businesses around the country are tightening their belts, Congress should respect taxpayers and bear in mind that we have already spent trillions of dollars this year and every dollar it borrows today will have to be paid back in the future.

“These appropriations bills continue to ignore our pressing fiscal reality at a cost of younger and older generations alike. Appropriators should stay within the caps. Congress should also pass an automatic continuing resolution that would end needless “budget by crisis” omnibus spending bills so lawmakers are not faced with a Sophie’s choice between voting for irresponsible runaway spending or a government shutdown.”

Background:

In recent years, Americans for Prosperity has urged Congress to reform the budget process to help rein in reckless spending and remove fiscal uncertainty. As part of its Recover Stronger plan for lawmakers, AFP focused on how responsible spending will better prepare us for the next crisis and aid in the economic recovery caused by COVID-19.

In September, the Congressional Budget office issued a budget outlook that highlighted short and long-term consequences the country faces due to Congress’ reckless spending and rejection of fiscal responsibility.

As the Hill points out in a report on the federal deficit for April breaking every previous annual deficit: “Net interest payments, which were the fastest growing budgetary category, would increasingly crowd out other budgetary priorities, such as defense and health care.”