Famous words attributed to the informant, “Deep Throat” directing reporters Woodward and Bernstein to investigate the Watergate break-in that ultimately ended the presidency of Richard Nixon.
Following taxpayer money can provide us with a window into the workings of our state and federal governments in a way that cuts through the political rhetoric and highlights our collective priorities and goals. The very least we should expect from our state and federal legislators is that they adopt a budget and pay the bill for spending that they have approved.
The Peter G. Peterson Foundation has crafted a wonderful graphic that clearly demonstrates how our tax dollars are spent.
In the current stalemate over increasing the federal debt limit, the Republican house has passed a bill that would return government discretionary spending to fiscal year 2022 levels, cap annual spending growth at 1% for a decade and cut the federal deficit by $4.8 trillion over 10 years.
In the above example, these cuts would impact the non-defense discretionary programs, equal to only 27% of the total. President Biden’s budget also proposes deficit reductions through increased taxes on corporations and high-income individuals.
If you were responsible for reducing the federal debt limit, where would you cut spending?
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