Lubbock Times

On June 27, 2024, the House Budget Committee convened a roundtable titled “The Age of Artificial Intelligence: Implications for the U.S. Economy and Government.” The session featured Andrew McAfee, a principal research scientist at the MIT Sloan School of Management, and Jason Payne, Chief Technology Officer for Microsoft Federal. They discussed the impacts of artificial intelligence (AI) on the U.S. economy and its potential to enhance government efficiency.

Chairman Arrington commented on the significance of AI in transforming federal expenditure: "Artificial Intelligence has the potential to revolutionize how the federal government spends and saves American taxpayer dollars and to help our economy grow faster. The House Budget Committee is leading the charge in assessing any and all technological innovations that can help us reduce the deficit and right our fiscal ship."

He expressed gratitude towards McAfee and Payne for their insights into leveraging AI to eliminate waste, control bureaucracy, and stimulate economic growth. "Our fiscal trajectory is unsustainable," he noted, emphasizing that AI could be instrumental in addressing this issue through reduced federal spending and economic growth.

Rep. Obernolte, Chair of the Artificial Intelligence Task Force, highlighted the urgency given the current budget deficit: “With the federal budget deficit exceeding $1.9 trillion this fiscal year, $400 billion more than previously expected, the work of the House Budget Committee is critically important." He emphasized AI's role in identifying unnecessary expenditures to streamline operations and reduce deficits.

The roundtable provided committee members with an understanding of both opportunities and challenges associated with AI. Currently employed in over 700 instances within various federal agencies—including more than 800 active projects within the Department of Defense—AI holds promise for revolutionizing audits, detecting improper payments, streamlining entitlements, and bolstering national security.

Today's discussion marked a step forward for Congress in evaluating technological innovations aimed at reducing deficits and ensuring sustainable fiscal policies.