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The House Budget Committee voted to advance a $4.5 budget resolution.
The resolution lays out funding plans for Trump’s border, defense, and energy policies.
It extends Donald Trump’s tax cuts signed in 2017 by 10 years as well.
Following more than ten hours of discussion, the House Budget Committee voted along party lines Thursday night to advance a $4.5 trillion budget resolution that lays out funding plans for President Donald Trump’s border, defense, and energy policies.
It also extends Trump’s 2017 tax cut for the next ten years, adding at least $2 trillion to the federal deficit even if America experiences strong economic growth.
House Budget Committee Chair Jodey Arrington, R-Texas, told lawmakers the resolution is “a blueprint for restoring America’s security, prosperity, and leadership in the world.”
“This reconciliation process is not just an exercise in matching revenues with outlays,” Arrington said. “More importantly, it’s reconciling the difference between the American people’s interest, expectations, and values, and a federal government that has lost its way, forgotten who it serves, and too often has failed to faithfully, fairly, and efficiently execute the law of the land.”
To partially accommodate its large price tag, the House budget resolution raises the debt ceiling by $4 trillion and instructs congressional committees to find at least $1.5 trillion in spending cuts over the next ten years. That amounts to roughly $150 billion annually in savings.
