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The House Appropriations Committee has approved the FY 2024 bill for the Transportation, Housing and Urban Development, and Related Agencies Subcommittee.
Transportation Housing and Urban Development: House Appropriations Approved FY2024! (PHOTO: LeadingAge)
Transportation, Housing and Urban Development
The bill for the Transportation, Housing and Urban Development received a vote of 34 to 27, signifying support for its provisions.
According to the Appropriations House, the approved bill allocates a discretionary total of $90.243 billion for Transportation, Housing and Urban Development, and Related Agencies. This amount is $8.633 billion (8.7%) below the President’s Budget Request. While the spending level is $2.91 billion higher than the allocation for Fiscal Year 2023, additional funding of $7.6 billion is required to offset declining housing receipts.
Moreover, $3.6 billion is needed to address emergency spending used by Democrats to cover housing inflation in FY23, and an additional $1.8 billion is necessary to prevent eligible recipients of housing assistance from losing their support due to inflation. To address these funding shortfalls and prioritize Republican objectives, the bill eliminates certain programs and implements significant cuts to others, particularly those that received substantial funding under the Infrastructure Investment and Jobs Act (IIJA).
The actual cost to taxpayers, taking into account offsets and savings, amounts to $65.208 billion. Of this total, $25.035 billion is offset by preventing wasteful spending on IRS enforcement by Democrats. This represents a 25% reduction compared to the FY23 enacted level and a 34% reduction compared to the President’s Budget Request.
READ ALSO: Indiana State Revenue: 2023 Fiscal Year Ends With $2.9 Billion Reserve Accounts, Shorter Than 2022!
Bill For Transportation, Housing and Urban Development
The bill for the Transportation, Housing and Urban Development prioritizes safety in transportation infrastructure, including highways, railways, and aviation, while ensuring continued assistance for housing support to the most vulnerable populations in the nation.
The approval of the bill for the Transportation, Housing and Urban Development by the House Appropriations Committee is a significant step in the budgetary process and sets the stage for further deliberations and potential amendments before it moves forward for consideration by the full House of Representatives.
