The House’s Financial Services and General Government appropriations bill would cut about $838 million from the Internal Revenue Service‘s budget for the next fiscal year, according to Office of Management and Budget Director Shaun Donovan.
Donovan said Tuesday in a letter to House Appropriations Committee Chairman Rep. Hal Rogers (R-Ky.) that he believes the FSGG spending legislation would undermine the tax system and jeopardize efforts to regulate the financial services and telecommunication industries.
The bill would also block the Securities and Exchange Commission‘s plan to use $75 million from its Reserve Fund to modernize information technology systems, Donovan added.
The House also proposed cutting the General Services Administration‘s building fund by almost $700 million in FY 2016, a move that Donovan says “forecloses opportunities to consolidate space and save taxpayer dollars over the long term.”
The legislation also excludes President Barack Obama’s proposed $15.2 million increase in funds for a government-wide program to secure federal systems against cyber threats, Donovan wrote.