The bipartisan spending agreement brokered by House Speaker Mike Johnson and Senate Majority Leader Chuck Schumer includes accelerated funding cuts to the Internal Revenue Service (IRS) supported by Republicans, Johnson said. He made the announcement in a letter to colleagues.

The agreement includes a $10 billion cut from the IRS budget in fiscal year 2024, after Democrats and Republicans previously agreed to finalize a $20 billion clawback. One year earlier than 2025. according to To CNBC. President Joe Biden's Inflation Control Act of 2022 was supposed to give the IRS $80 billion, but now it's $60 billion. (Related: House Republicans threaten 'shutdown' if border security not included in government funding compromise)

This is done as follows:

1) Cut the IRS's future budget authority by $10 billion and use it for other things today.and

2) Reduce budget authority related to authorized spending due to the coronavirus pandemic by $6 billion and use it for other things today. (4/n)

— Paul Winfree (@paulwinfree) January 9, 2024

“The concessions we achieved include an additional $10 billion ($20 billion in total) reduction in mandatory IRS funding that was a key part of Democrats' 'Suppression of Inflation Act,'” Johnson wrote. letter Sunday to my fellow senators.

The deal has not yet been finalized, and lawmakers could vote on a continuing resolution instead. according to On CNN. Some Republican lawmakers oppose the deal currently being negotiated.

Moreover, critics argue that funding cuts would be counterproductive.

“IRS funding reduces tax fraud and increases income for the wealthy,” said Chuck Maher, vice president for federal tax policy at the Center on Budget and Policy Priorities. Said Thomson Reuters reported on Tuesday. “We're already seeing great results. And remember, cutting funding from the IRS doesn't save you money. It loses money. There's a lot. We should protect IRS funds to ensure that wealthy taxpayers and corporations pay the taxes they are legally owed, giving honest taxpayers what they are entitled to.”

The IRS did not immediately respond to the Daily Caller News Foundation's request for comment.

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