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Mr. Chairman, I am pleased to begin consideration of H.R. 4664, the Fiscal Year 2024 Financial Services and General Government appropriations bill.
Before I get into the details, I'd like to recognize the hard work of Chairwoman Granger on this bill and the entire appropriations process. We are one step closer to passing the last remaining few appropriations bills.
I also want to thank my good friend and Ranking Member Steny Hoyer for his input on this bill and the many conversations we've had. Steny is a dear, dear friend of mine. Somebody I've worked very closely with, not only with this bill but on other matters of importance to our country. I consider him a very dear, dear friend and it is an honor to have him at my side as the Ranking Member. And I mean that Steny, sincerely.
Thank you, Mr. Chairman, and thank you to the distinguished acting Ranking Member, and I too, send my prayers to the family of Jim McGovern for the hardship that the family is facing right now. It's an honor to be before you today as we tee up the Financial Services and General Government Subcommittee appropriations bill. I also want to thank my good friend and Ranking Member, Steny Hoyer. He is a dear friend, and I say that with all sincerity. We've had a lot of conversations through the years, we've worked on a lot of things in a really bipartisan way, but it is an honor to serve with him, and I'm deeply honored that he is the Ranking Member of this Subcommittee.
Mr. Chairman, I am pleased to stand before you as we consider the Transportation, Housing and Urban Development, and Related Agencies bill for Fiscal Year 2024. I am glad that we are back at work, moving appropriations bills through the House Floor under our new Speaker. We are continuing to fulfill our constitutional duty. I would like to thank Chairwoman Granger, Ranking Member DeLauro, and my partner on this bill, Ranking Member Mike Quigley.
This bill responsibly funds our most critical transportation and housing needs, which will have a positive impact on every congressional district in the country.
At the same time, the bill meets the challenge before us to reduce spending and get our debt under control. The bill reduces spending 25% below Fiscal Year 2023 levels, with a CBO score of $65 billion. We achieve these savings through a rescission of IRS funds and by reducing billions in excessive spending.
