One outcome is clear as Washington reaches for a budget deal in the debt ceiling standoff. The ambitious COVID-19 era of government spending is giving way to a new focus on stemming deficits. As Pr…
WASHINGTON — One outcome is clear as Washington reaches for a budget deal in the debt ceiling standoff: The ambitious COVID-19 era of government spending to cope with the pandemic and rebuild is giving way to a new focus on tailored investments and stemming deficits.
The Treasury Department has warned it will begin running out of money to pay the nation’s bills as soon as June 1, though an estimate Friday by the nonpartisan Congressional Budget office put the deadline at the first two weeks of June, potentially buying the negotiators time. McCarthy’s allies say the White House has fundamentally underestimated what the new Republican leader has been able to accomplish — first in the grueling fight to become House speaker and now in having passed the House bill with $4.5 trillion in savings as an opening offer in negotiations. Both have emboldened McCarthy to push hard for a deal.
Much of the COVID-19 spending approved at the start of the pandemic has run its course and government spending is back to its typical levels, experts said. That includes the free vaccines, small business payroll funds, emergency payments to individuals, monthly child tax credits and supplemental food aid that protected Americans and the economy.
The popularity of some spending, particularly the child tax credits in the COVID-19 relief and the Inflation Reduction Act’s efforts to tackle climate change, shows the political hunger in the country for the kinds of investments that some Americans believe will help push the U.S. fully into a 21st century economy.
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