Pete Olson (TX-22) today voted for a strong budget, which sets overall discretionary spending
levels for FY2018, balances the budget, and provides reconciliation instructions for tax reform and mandatory spending reductions.
According to the report, the allowance cut will lead to lower discretionary spending
, whilst implementation
According to Nielsen's report for the third quarter of last year, global discretionary spending
intentions increased across all categories, with 38 per cent planning to spend on new clothes, 38 per cent on holidays or vacations, 35 per cent on out-of-home entertainment and 25 per cent on home improvements.
The budget deal, in fact, only increases discretionary spending
marginally in 2014-15 without addressing the long-term rise in nondiscretionary spending, like Medicaid, Medicare, Social Security and interest payments.
Under the spending caps established by the Budget Control Act, overall discretionary spending
is slated to drop by 2% below FY 2013 levels, though the bulk of this reduction would come from the defense spending side.
According to National Australia Bank's (NAB) latest online retail sales index, online discretionary spending
on items such as home ware, furniture, appliances and electronics fell by five percent in April, compared to nine percent growth in March.
Lloyds TSB said consumers' discretionary spending
power, defined as the cash left over after spending on essentials has been deducted, saw a 0.
Revenue as a share of GDP over the entire period is higher than the historical averages; discretionary spending
is below average.
The proportion of US consumers who say they have no spare cash for discretionary spending
Reduces Domestic Discretionary Spending
to the Lowest Level Since Eisenhower: These discretionary caps will put us on track to reduce non-defense discretionary spending
to its lowest level since Dwight Eisenhower was President.
power - income left after spending on essentials is deducted - was 0.
In negotiations over the FY 2011 appropriations bill, the House Republican leadership insisted on significant cuts to domestic discretionary spending
(up to as much as $100 billion) as well as a long list of policy riders that would defund the "Affordable Care Act," among other things.