Spring has arrived in Washington DC, and that means appropriations season is heating up on Capitol Hill. With the recent release of President Trump’s fiscal year (FY) 2020 budget proposal, which for the third year in a row recommends elimination of many community development finance programs, including the CDFI Fund, the debate over federal spending is in full swing as Congress turns its attention to the FY 2020 appropriations process.
Along with deciding spending levels for federal programs in the upcoming fiscal year, Congress must also come to an agreement on raising spending caps to avoid across-the-board spending cuts put in place under the Budget Control Act of 2011. While there are signs that the House and Senate are ready to begin negotiating, possibly combining a budget deal with legislation to raise the debt ceiling, it could potentially be months before they reach an agreement.
The need for a deal on budget caps has not prevented the FY 2020 appropriations process from moving forward, especially in the House of Representatives. Although the April 4 deadline for Members of the House to submit FY 2020 requests to the House Appropriations Subcommittee on Financial Services and General Government (FSGG), which has jurisdiction over the CDFI Fund, is upon us, there is still time to weigh in with your Members of Congress and ask them to support $300 million for the CDFI Fund in FY 2020.
Contact your elected officials today and urge them to support $300 million for the CDFI Fund and $500 million for the Bond Guarantee Program in FY 2020.