Several drafts of legislation are circulating around Capitol Hill with a new budget gimmick: let federal agencies borrowadditional funds from the U.S. Treasury. The proposed borrowing process bypasses the Appropriations Committees that ordinarily fund agencies and bypasses the House Ways and Means Committee and the Senate Finance Committee that oversee the operations of the Treasury Department.
This new effort comes at a time when the federal debt is more than $35 trillion, and growing at a rate of $2 trillion per year. The ability of the federal government to respond to real emergencies is diminished by fiscal imprudence.
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