Federal government budget 20221/2/2024 ![]() The legislation cuts discretionary spending in FY2024 relative to CBO projections and limits discretionary spending growth to 1% in FY2025, slower than the projected rate of inflation. Funding for several pandemic recovery programs continued recent trends, such as the $120 billion (47%) decrease in certain refundable tax credits (largely due to the expiration of the expanded Child Tax Credit) and $53 billion (71%) decrease in pandemic-related public health expenditures from the Public Health and Social Services Emergency Fund.īipartisan negotiations over the debt limit consumed the month of May, culminating in passage of the Fiscal Responsibility Act (FRA), signed by President Biden on June 3, 2023.Impacts reported in January, including the continued lack of spectrum auction receipts this fiscal year (counted as “offsetting receipts”), and a one-time increase in spending by the Pension Benefit Guaranty Corporation.With March’s expiration of the coronavirus public health emergency, states can reassess eligibility and disenroll those who no longer qualify, but CBO anticipates that will take several months. ![]()
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