The new bipartisan budget deal announced by Senate Majority Leader Mitch McConnell (R-Ky.) and Senate Minority Leader Chuck Schumer (D-NY) adds more new spending than any budget deals made under the Obama presidency, reflecting the declining influence of fiscal conservatism in the Republican-controlled Congress.
The McConnell-Schumer deal adds $300-400 billion to the federal deficit over two years and could ultimately add more than $1.5 trillion to the national debt over the next decade, according to the Committee for a Responsible Federal Budget, a non-partisan and fiscally conservative advocacy group.
“Horrible. Bipartisanship at its worst,” said Marc Goldwein of the CRFB. “It not only repeals the sequester — which was meant to spur fiscal reforms — but it reverses half the savings from the initial caps … Where are all the fiscal hawks?”
“The truth is, is that most people, if you ask them their top 10 concerns, nobody’s mentioning debt,” said Rep. Mark Walker (R-NC), the Republican Study Committee Chairman.
“It’s a recognition of reality that was long overdue,” a source close to McConnell told Axios. “Dems wouldn’t budge on domestic, R’s wouldn’t budge on defense, Trump’s given R’s permission politically to deficit spend, and everybody is happy to put shutdowns behind them.”
Congress is scrambling Thursday to secure enough votes to pass the two-year budget deal ahead of a midnight shutdown deadline.