Creative Accounting Used in Budget Bill

From Breitbart:

A document published by the Senate Steering Committee Tuesday found that there is actually $18 billion more than advertised in spending in the omnibus spending bill House and Senate establishment leaders introduced late Monday.

Mike-Lee-headache-ap

The Senate Steering Committee, chaired by Sen. Pat Toomey (R-PA) and vice-chaired by Sen. Mike Lee (R-UT), found that the omnibus spending bill uses a gimmick called CHIMPS, or changes in mandatory programs, to hide $18 billion in more spending.

“The omnibus contains $18 billion in CHIMPS,” the Steering Committee added later in the document. “$9.4 billion of that total is from the Crime Victims Fund, with another $6.3 billion coming from the Children’s Health Insurance Fund.”

The document also quotes from the Honest Budget Act from Senate Budget Committee ranking member Sen. Jeff Sessions (R-AL) to explain what CHIMPS is as a gimmick.

“Language that delays $10 billion in mandatory spending for one year is scored as saving $10 billion,” Sessions’s Honest Budget Act explanation of this type of gimmick reads, as quoted by the Steering Committee. “Thus the $10 billion savings can be used to increase spending elsewhere in the bill by $10 billion without affecting the overall cost of the bill. Over a ten year period the same $10 billion can be delayed one year at a time, resulting in total ‘savings’ in the appropriations process of $100 billion ($10 billion X 10 years). However, the actual savings over the ten year period is only $10 billion (the same $10 billion simply got deferred each year). The result is $90 billion in phony savings.”

Specifically, House Appropriations Committee chairman Rep. Hal Rogers (R-KY) and Senate Appropriations Committee chairwoman Sen. Barbara Mikulski (D-MD) claimed that their omnibus spending bill would spend $1.012 trillion. That number is clearly not accurate.

~~~~~~~~~

I’d say these people need to go back to Accounting 101 and start over. We need a real budget, not one full of tricks and gimmicks.

Do you think they use these gimmicks in their own checkbooks? Me neither. No wonder Mike Lee has a headache.

~Kathy

Tagged , , . Bookmark the permalink.

8 Responses to Creative Accounting Used in Budget Bill

  1. Clyde says:

    Good find. We ALWAYS knew the seats were occupied by chimps, but the DOCUMENTS as well ? Who’da thunk. THIS is the problem when the government consists mostly of LOUSY lawyers who couldn’t MAKE IT in private practice.

    • Kathy says:

      Thanks, Clyde. We’ve got plenty of lawyers, but not an accountant in the bunch, to deal with the billions and trillions of dollars they waste.

  2. Mrs AL says:

    1 + 1 = 2 Grade school math

    1 + 1 = 2 + 4 +83 + ….. National Government Math

  3. Hardnox says:

    If we actually had a press people would be storming DC.

    I remain disgusted.

  4. garnet92 says:

    This would be an interesting subject to do an article on – take one specific bill and slice and dice the numbers to show how much it will actually cost once the “magic math” is factored out. Remember when President Reagan’s economic plan was called “voodoo economics” by Bush41? That was a good term then and it still fits today.

    What ALL of the traitors in Congress are doing is conjuring up “Miracle Economics” where, in the example case, they created a magic $90 billion in savings out of thin air. Aren’t we lucky to have bipartisan magicians handling appropriations in the House?

    We have GOT to turn out those idiots who think that we’re falling for this crap.