Senate Budget Committee Approves Plan to Cut Deficits by Half a Trillion Dollars
WASHINGTON D.C. –The Senate Budget Committee, chaired by Senator Mike Enzi (R-WY), today approved the FY 2020 Budget Resolution, which would reduce deficits by more than half a trillion dollars over five years and put America on a more sustainable fiscal path. Enzi noted the budget blueprint will help begin to reduce overspending and set real, achievable deficit reduction targets, while supporting reforms to mandatory spending programs.
“The budget does not solve all of our fiscal challenges, but it starts the process to rein in deficits and debt and provide the foundation for a stronger future for our children and grandchildren,” said Chairman Enzi. “Lawmakers were sent here to work together and this responsible fiscal blueprint represents the opportunity to do something better for the American people.”
The FY 2020 Budget Resolution:
- Reduces the deficit by more than $538 billion over the next 5 years;
- Reduces non-interest mandatory spending by $551 billion over the next 5 years;
- Prevents deficits from surpassing $1 trillion, which they are projected to do beginning in fiscal year 2022;
- Shrinks unified deficits to 2.9 percent of gross domestic product (GDP) by 2024, matching the 50-year historical average;
- Shrinks on-budget deficits to 2.3 percent of GDP by 2024, significantly less than the 3.5 percent 50-year historical average;
- Curbs growth in debt held by the public as a share of GDP;
- Instructs five committees to produce legislation that would reduce the deficit by at least $94 billion over 5 years through the reconciliation process;
- Adheres to the Budget Control Act (BCA), but creates the infrastructure to adjust these levels if an agreement on revised funding levels is reached to fully meet defense needs; and
- Puts in place new tools to strengthen budget enforcement and stop spending gimmicks.
# # #
Next Article Previous Article