In a report released Thursday titled Toward Common Ground 2020, the National Taxpayers Union Foundation and the U.S. Public Interest Research Group Education Fund laid out a set of over 50 bipartisan, cost-saving proposals for the federal budget totaling nearly $800 billion.
Before the novel coronavirus (COVID-19), the U.S. was already on track to surpass a $1 trillion deficit this year, the only time in U.S. history outside of the Great Recession. The unprecedented public health and economic crisis has necessitated more than $2 trillion in relief and recovery spending so far. With the House expected to approve more emergency funding today, and more spending packages likely on the horizon, the deficit and debt will continue to rise even higher.
Once Americans’ most immediate needs are taken care of and the outbreak starts to subside, lawmakers will face the challenge of adopting a 2021 federal budget at a time of reduced revenue.