Presidential executive actions are contributing to the problem.
A letter from the Congressional Budget Office (CBO) in response to an inquiry by a congressman from Missouri confirms that the executive actions taken by President Biden’s administration will increase costs to taxpayers and raise the deficit.
The response sent to Representative Jason Smith by CBO highlights three major actions taken by President Biden’s administration—on food assistance, the Affordable Care Act subsidies, and student loans—and quantifies the cost associated with those actions.
The CBO reported that on SNAP food assistance, the president’s action will increase the deficit by between $250 billion and $500 billion over 10 years.
They said the proposed rule to change parameters for determining eligibility for subsidies under the Affordable Care Act, the so-called family glitch, would increase the deficit by $34 billion between 2023 and 2032.
When it comes to student loans, CBO explained that the cost for the pause just from February 2021 to August 2022 is about $85 billion. The “pause” on repayment is far from free, they said.
According to the CBO, these policies will increase deficits while failing to meet the needs of families and children.
As the Lord Leads, Pray with Us…
- For officials in the Congressional Budget Office as they track national expenditures.
- For members of Congress as they determine the federal budget and assess national spending.
Sources: Daily Signal, Washington Examiner
