Committee Approves FY 2018 Budget Resolution Supporting Tax Reform to Help American Families
WASHINGTON D.C. – The United States Senate Budget Committee, chaired by Senator Mike Enzi (R-WY), today approved the FY 2018 Budget Resolution focused on providing Congress with the tools it needs to enact tax reform to grow America’s economy and strengthen hardworking families and small businesses. The full Senate is expected to consider the committee’s budget proposal in the coming weeks.
“This budget is a step towards a brighter future,” said Chairman Enzi. “It reflects the belief that many of us share that by allowing American families and small businesses to keep more of their hard-earned dollars, they will innovate and invest that money in ways that will grow our economy. I urge my colleagues from both sides of the aisle to support America’s hardworking families and help get our nation on a better course. Approving this pro-growth budget is an important first step in doing that.”
The FY 2018 Budget Resolution:
- PROVIDES a path to balance by restraining federal spending, reducing tax burdens, and boosting economic growth.
- REDUCES spending by $5.1 trillion.
- PROVIDES reconciliation instructions to spur economic growth:
- Finance Committee—$1.5 trillion for comprehensive tax reform
- Energy and Natural Resources—$1 billion in deficit reduction
- PROVIDES an on-budget surplus of $197 billion in 2027 as a result of fiscal constraint and economic growth.
- PROVIDES maximum level of regular defense funding allowed under the law—preventing sequestration cuts. The resolution includes a mechanism to adjust these levels if an agreement on revised funding levels is reached.
- REDUCES nondefense discretionary spending by $632 billion, consistent with previously agreed upon limits in the last conferenced budget resolution.
- HONORS Social Security’s off-budget status.
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