The White House on Tuesday officially asked Congress to claw back $9.4 billion in already approved spending, taking funding away from programs targeted by Elon Musk's Department of Government Efficiency. It's a process known as “rescission,” which requires President Donald Trump to get approval from Congress to return money that had previously been appropriated. Trump's
  • DMCMNFIBFFF@lemmy.world
    181·
    4 days ago

    The request to Congress is unlikely to meaningfully change the troublesome increase in the U.S. national debt. Tax revenues have been insufficient to cover the growing costs of Social Security, Medicare and other programs. The Congressional Budget Office estimates the government is on track to spend roughly $7 trillion this year, with the rescission request equaling just 0.1% of that total.