Generational Theft Act

The so-called “Bipartisan Budget Act of 2019,” which would be more appropriately named the “Generational Theft Act,” will increase the discretionary spending caps by more $320 billion over two fiscal years and suspend the debt limit through July 31, 2021. According to the Congressional Budget Office (CBO), discretionary spending would be $1.119 trillion in FY 2020 and $1.145 trillion in FY 2021. The Bipartisan Budget Act of 2019 would increase discretionary spending to $1.290 trillion in FY 2020 and $1.298 trillion in FY 2021. In total, this is a more than $320 billion spending increase over two fiscal years. Additionally, the Bipartisan Budget Act of 2019 also includes $156.5 billion over two fiscal years for overseas contingency operations (OCO), which is used by Congress to bypass the discretionary spending caps. Prior to this budget deal, the CBO projected that the budget deficit would be $892 billion for FY 2020 and $962 billion in FY 2021. The discretionary spending levels in the Bipartisan Budget Act of 2019 guarantee a return to $1 trillion budget deficits. Making matters worse, the Bipartisan Budget Act of 2019 suspends the debt limit through July 31, 2021, providing the Department of the Treasury with a virtual blank check to borrow, accumulating more debt that future generations will have to shoulder. This deal on the discretionary spending caps is nothing short of a surrender by Republican “leadership” in the House and Senate and Treasury Secretary Steven Mnuchin. Of course, we’ll be told that spending cuts will be on the agenda when Republicans get control of Congress again. Sadly, those promises never seem to come to pass. After all, Republican “leadership” and rank-and-file members don’t have any intention of governing by the limited government rhetoric on which they campaign. Instead, these Republicans vote with Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Chuck Schumer (D-N.Y.) for higher spending and more debt.