On June 14 the Republican Study Committee (RSC) released a Fiscal Year 2024 budget proposal, called, “Protecting America’s Economic Security.” The 167-page plan, which you can view here, contains more than 220 bills, and declares it would cut spending by more than $16 trillion, reduce taxes by more than $5 trillion over ten years, and balance the federal budget in seven years.

In a statement on its release, RS Chairman Kevin Hern (R-OK) said, “Our budget proves that fiscal responsibility is the only way to lower inflation, grow the economy, cut federal spending, empower taxpayers, and protect small businesses. . . Nearly every problem facing our government can be traced back to our failure to both pass a budget and stick to it. The Republican Study Committee has a budget, and it balances in just seven years. Our budget is real, and it’s floor-ready. It’s time to get our country back on track!”

The proposal includes many provisions that would directly impact federal employees, including the elimination of automatic pay raises, limits on bonuses, and significant cuts to retirement benefits. Those cuts include a shift from a high 3 to a high 5 for calculating annuities, reduction of the CSRS COLA, elimination of the FERS COLA, elimination of the FERS annuity supplement, and increases to pension contributions for all feds. The proposal would also increase employees’ costs for FEHB benefits and reform the interest rate provided by the Thrift Savings Plan’s G-fund.

It also includes reforms to the removal process for federal employees, including support for the MERIT Act, which would shorten the timeframe to remove feds to 30 days, limit appeals in response to disciplinary decisions, and impose restrictions on official time.