The bipartisan deal to raise America’s debt ceiling involves cutting billions in funding set aside for the Internal Revenue Service (IRS), including cuts from the $80 billion allocated under the Inflation Reduction Act (IRA).
In total, the debt-ceiling deal involves shaving off almost $21.4 billion from the IRS budget. Out of the roughly $21.4 billion, nearly $1.4 billion will be rescinded from the money already allocated to the IRS, the deal states (pdf). The remaining $20 billion would come from the extra $80 billion allocated to the IRS under the IRA for a 10-year period. As to whether the $20 billion excision would affect the yearly utilization of the extra funding, a White House official rejected the possibility during a press briefing on May 28….