May 31, 2023
Congress is considering the Biden‐McCarthy debt‐reduction deal. The Fiscal Responsibility Act of 2023 would reduce deficits by $1.5 trillion over the coming decade.
The reduction would be a start at righting the federal government’s fiscal ship, but just a small start.
The $1.5 trillion in savings would take a very modest bite out of the $20 trillion in cumulative deficits and $80 trillion in cumulative spending expected over the coming decade.
Once Congress gets this budget battle behind it, it can move on to larger reforms.
![Total Federal Spending and Deficits, $Trillions, 2024-2033](https://www.downsizinggovernment.org/sites/downsizinggovernment.org/files/download-remote-images/www.cato.org/sites/cato.org/files/styles/pubs_2x/public/2023-05/debt%2520deal%25202023.pngdebt%2520deal%25202023.png%3Fitok%3DElbPxSNw)
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