This is a brilliant idea.
GOP lawmakers want to rescind unspent pandemic relief funds and apply them towards an eventual bill to resolve the debt ceiling.
According to government estimates, $4.61 trillion has been authorized for Covid-19 relief, while $4.12 trillion of it has been spent – leaving roughly $500 billion in theoretically unspent funds, although a portion of that is currently “obligated” to certain pots of money and may not easily be returned to the US Treasury.
The idea “certainly could” be included in a debt ceiling measure to avert default, said Rep. Tom Cole (R-OK), chair of the Rules Committee.
“I would hope we look at that,” he told NBC News. “It’s something that ought to be on the table.“
Ways and Means Committee member Rep. Mike Kelly (R-PA), says he’s open to it, adding that it would be “insane” for Congress not to explore every option to find and eliminate unnecessary spending.
“There’s areas that we should not be spending and where we could actually either reposition or just not spend it, and then bring down our debt,” said Kelly, adding “We can make cuts that don’t hurt people.”
The idea isn’t yet ready for prime time in the GOP-run House, the Democratic-controlled Senate or the White House. But it is the most specific Republicans have gotten in terms of what they’d like to attach to a debt limit hike, a question that GOP lawmakers have been notably vague on, even as they demand spending cuts as a concession to pay the country’s bills. The Treasury Department has set a June 5 deadline for Congress to act or breach the debt limit. –NBC News