The House Budget Committee presented a $1.132 trillion budget plan Tuesday for the next fiscal year that aims to cut $203 billion in mandatory spending and aspires to balance the budget for the first time in a decade.
The budget also boosts defense spending, earmarking $621.5 billion for the military while it includes $511 billion for non-defense discretionary spending, which is lower than current spending but higher than what President Trump wanted.
The budget includes a whopping $87 billion to spend on the global war on terror, and it’s not subject to budget caps.
At the same time, the budget panel says its proposed plan would reduce the deficit by $15 billion in 2018, and even projects that the deficit would turn into a $9 billion surplus by 2027.
The resolution would also add work requirements for Medicaid recipients and set accelerated budget reconciliation orders for deficit-neutral tax reform. This process could allow the GOP to pass a tax bill through the Senate without fear of a Democratic filibuster.
“The status quo is unsustainable. A mounting national debt and lackluster economic growth will limit opportunity for people all across the country. But we don’t have to accept this reality,” Budget Committee Chairman Diane Black (R-Tenn.) said in a statement.
Unfortunately, the budget assumes that the House’s plan to repeal and replace ObamaCare will be passed, and that’s not likely to happen now that two more GOP senators announced their opposition to it.
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