WILFORD: Congress Wants To Blow Another $430 Billion Hole In The Deficit

Over the next couple weeks before the August recess, congressional Democrats are hoping to pass four spending bills that would add up to about $430 billion in deficit spending. Even by Congress’ lofty standards of spending beyond its means, that’s quite a substantial amount for just a couple weeks of legislating. 

This rushed package of bills includes $49 billion in spending above current-year levels for an appropriations package, $23 billion for an insulin bill, $79 billion for semiconductor subsidies, and $279 billion for veterans’ health. This adds up to a $430 billion increase in federal spending over the next ten years — and that’s on top of the staggering $15.7 trillion Congress is already set to add to the debt over that same period.

The bills themselves have enough problems. The appropriations package makes up just six of the 12 appropriations bills Congress considers each year (and just 24% of discretionary spending), so there’s almost certainly more deficit spending to come down the road. While the insulin bill’s goal of reducing insulin prices sounds laudable, it is likely to increase insurance costs for most Americans in the form of higher premiums. And the semiconductor bill would subsidize manufacturers that sell around the

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