The U.S. Budget Control Act Caps Saved Nearly $9,000 Per Household
As Congress faces a looming deadline on funding for the federal government, some legislators are calling for a repeal of the spending caps imposed under the Budget Control Act of 2011.
Undoing those restrictions on discretionary spending would almost certainly result in larger deficits and deeper debt. For some perspective, the table below compares actual federal spending since 2011 alongside the levels proposed by the White House just before the caps were put in place. (Note: dollar amounts are in billions and figures for the President’s budget reflect CBO’s March 2011 analysis.)
|Year||Total Outlays||President’s March 2011 Budget||Savings|
That means that federal spending was reduced by over $1.3 trillion compared to what the Administration had proposed just before the caps were enacted.
To put it another way, spending was reduced by $3,256 per person and $8,980 per household. Federal deficits have been lower than they’d otherwise be by over $703 billion, roughly $2,206 per person and $6,083 per household.
That not only represents a very significant spending cut, but one that has been sustained over time.Read more