House Budget Chairman Steve Womack’s fiscal 2019 budget resolution charts a path to balancing the budget in nine years through a combination of steep cuts in mandatory spending programs, freezing nondefense discretionary spending and banking on robust economic growth, according to a summary. Under the draft fiscal blueprint, which will be marked up in committee Wednesday and Thursday, the deficit would be reduced by $8.1 trillion over 10 years compared to current law or policy. The budget would produce a surplus of $26 billion in 2027 if all of the assumed policies were enacted, growing to $142 billion in 2028. The plan includes reconciliation instructions requiring $302 billion in savings over 10 years, almost 50 percent more than the $203 billion in the initial version of the fiscal 2018 House budget resolution. Even that amount was too much for the Senate last year, resulting in almost all the reconciliation instructions for spending cuts being absent from the final version. The Ways and Means Committee would bear responsibility for the largest savings, with a minimum target of $150 billion. The instructions for the other committees include: $45 billion for the Judiciary Committee. $32 billion for Oversight and Government Reform. $24 billion for Financial Services. $20 billion… Read full this story
- Commuter rail gets support at House panel's hearing on 10-year transportation plan
- What does the yield on the 10-year Treasury mean to you?
- What the 10-year Treasury yield means to you? Real money.
- Budget to unveil 10-year income tax cut plan
- EU budget: Brussels unveils plans for higher spending on defence and border control
- Budget can afford $8b worth of tax cuts: Chris Richardson
- Congress girds for fight over expected Trump spending cuts
- Democratic Budget Plan Has $216M In Additional Spending, Restoring Cuts To Cities And Town
- Victoria's $1.4b budget to deliver big road, infrastructure spend
- White House signs $3.9-billion deal to buy two new Air Force One planes
House Budget Would Direct $302 Billion in 10-Year Spending Cuts have 295 words, post on www.rollcall.com at June 19, 2018. This is cached page on Gatofuns. If you want remove this page, please contact us.