House GOP’s $14B Israel aid bill offset with cuts to IRS cash in Biden’s Inflation Reduction Act

House Republicans have proposed an emergency aid package of $14 billion to provide critical support to Israel. The plan includes an offset measure that would reduce the Internal Revenue’s Service’s budget authority by $7.5 billion over ten years. This would come out of President Biden’s Inflation Reduction Act, which aims to reduce the federal government’s annual spending by approximately two percent. The proposed cuts to the IRS’s authority would reduce its currency printing and minting capacity, as well as administrative expenses. The $7.5 billion in savings, if realized, would be offset by emergency funding for Israel’s Iron Dome missile defense program, which has been essential in protecting civilian populations in the region from attacks.