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The Federal Budget: Spending, Taxes, and Debt

Reconciliation Will Allow Congress to Achieve Top Priorities of the American People in 2025

The Federal Budget: Spending, Taxes, and Debt Policy Rapid Response BlogJuly 9, 2024 By Matthew Dickerson

Introduction

The 119th Congress could present an incredible opportunity for conservatives to tackle some of the most important challenges facing the nation using the budget reconciliation process.

The next year will bring some of the most challenging fiscal decisions in modern American history. Congress and the next Administration must begin to prepare for the 2025 fiscal cliff.

Despite the challenges, the 119th Congress could present an incredible opportunity for conservatives to tackle some of the most important challenges facing the nation using the budget reconciliation process.

The Proof Is in the Polling

The Economic Policy Innovation Center (EPIC) commissioned a poll of 1,000 likely voters. The poll asked:

“How important is it to you that the next Congress secures the border, lowers inflation, extends tax cuts, gets Americans back to work, and reduces the federal government to pre-COVID size in its first year?”

70% of likely voters felt these priorities were important to achieve in 2025, with 53% of these respondents describing it as very important.

Congress Securing Border
Source: Nationwide Survey by OnMessage Public Strategies, June 18-25, 2024.

Respondents supported these priorities across partisan lines, with 93% of Republicans, 66% of Independents, and 49% of Democrats saying these policies would be important to enact in 2025.  

Congress Changes 2024
Source: Nationwide Survey by OnMessage Public Strategies, June 18-25, 2024.

Seize the Opportunity

In preparation for 2025, EPIC is developing a policy plan to take advantage of the budget reconciliation process for the American people.

Reconciliation is likely the only tool to enact so many critical fiscal policies in such short order.

To truly seize this unique opportunity, conservatives must begin developing policy options now. Congress cannot let this chance to deliver positive change for the American people slip through their grasp because they fail to plan for success.

The 2025 reconciliation process must pair commonsense perspectives with practical policy solutions in five core areas:

  1. Secure the Border
  2. Reduce Inflation
  3. Preserve & Expand the 2017 Tax Cuts
  4. Make Work Pay
  5. Drain the Swamp

Time to Take Advantage

Ultimately, good conservative policy is good budgetary policy.

These five priorities demonstrate that conservatives can advance a budget resolution and reconciliation plan that is fiscally responsible and responsive to the American people’s mandate for their elected representatives.

We know that the opportunity is approaching rapidly. The time to take advantage of the reconciliation opportunity is now.

In 2025, conservatives can deliver.

Read the EPIC Reconciliation Memo

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Author

Matthew D. Dickerson

Matthew D. Dickerson

Director of Budget Policy

Matthew D. Dickerson is Director of Budget Policy at the Economic Policy Innovation Center (EPIC). Dickerson is recognized as an expert on fiscal policy issues, including the budget, appropriations, and entitlement reform. His articles have been featured in the Wall Street Journal , the Miami Herald , National Review , the Sacramento Bee , the Washington Times , the Baltimore Sun , The Hill , the Washington Examiner , and other outlets. Prior to joining EPIC, Dickerson served as Senior Policy Advisor on the staff of the House Budget Committee, where he helped lead development of the fiscal year 2024 budget resolution. He has a dozen years of experience on Capitol Hill, including as a senior staffer with the Republican Study Committee (RSC), the caucus of conservatives in the House of Representatives. Under four different RSC chairmen, Dickerson held senior level roles including Policy Director and Senior Policy Staff. Additionally, he served as Legislative Director and other policy positions for the late Congressman C.W. Bill Young (R-FL), a former Chairman of the powerful House Appropriations Committee. During his tenure at The Heritage Foundation, Dickerson was Director of the Grover M. Hermann Center for the Federal Budget. In this capacity, he oversaw a team of budget analysts and economists researching diverse subjects including spending, entitlements, budget process, tax, labor, pensions, and infrastructure issues. He has also been a Policy Manager at Americans for Prosperity, where he supervised a team of fellows and analysts covering a variety of federal and state policy issues. Dickerson is a graduate of the College of William and Mary in Virginia and holds a Bachelor of Arts in Government and History.

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