- The Fiscal
- What We're
- What You
From 2020 to 2022, the federal government enacted several pieces of legislation related to the COVID-19 pandemic. Now, as part of a deal to suspend the debt ceiling, policymakers are rescinding the remaining funding for COVID-19 relief as a means to reduce federal spending.
The Congressional Budget Office (CBO) estimates that rescinding the remaining $56 billion in funding from appropriations related to the pandemic would result in savings of $30 billion in outlays over the next few years. CBO’s estimate of savings reflects their assumption that some of the authority provided would never have been spent.
The CRFB estimates the largest savings would come from:
The remaining balance is spread across over 50 accounts.
Related: Healthcare Spending In The United States Remains High
Image credit: Photo by George Frey/Getty Images