Thursday, 19 July, 2018

Budget plan faces uncertain fate after clearing House panel

GOP budget slashes billions eyes tax cuts Budget plan faces uncertain fate after clearing House panel
Lance Thomas | 21 July, 2017, 00:12

The House Budget Committee was conducting a markup of the resolution as of production deadline Wednesday. However, Trump has favored even larger tax cuts, which add to the deficit despite the mathematical camouflage.

Instead, to most Republicans on Capitol Hill, the most important element of the plan is the procedural pathway it would clear to allow Republicans to pass their top priority - an overhaul of the tax code - later this year without fear of a blockade by Senate Democrats. "But now with a Republican Congress and a Republican administration, now is the time to put forward a governing document with real solutions to address our biggest challenges".

"We've seen how this plays out before, when you vote for a budget thinking it's going to be one thing, on health care reform, and it's something different", said Rep. Jim Jordan, the former Freedom Caucus chairman. "Resulting policies restricted lending for small business and maintain the "too big to fail" ethos that nearly brought down the American financial sector", the budget statement asserts.

Republicans need to pass a budget and then use budgetary reconciliation to pass a tax code overhaul. This budget will reverse that bad leadership with a combination of pro-growth policies, including comprehensive tax reform, welfare reform, healthcare and regulatory reform.

This resolution for fiscal year 2018 would cut mandatory spending by more than $200 billion, while also aiming to balance the budget in a decade.

The Daily Signal previously reported that participation in Alabama's food stamp program dropped by 85 percent in 13 counties after officials said able-bodied adults without dependents must work, look for work, or get approved job training in exchange for food stamps.

Democrats have long dubbed Ryan's plan "the end of Medicare as we know it", but to hear Collins tell it, that's not true.

"It embraces the worst extremes of the Trump budget, sacrificing almost every investment that helps American families get ahead", said top Budget Committee Democrat John Yarmouth of Kentucky. Currently, lawmakers are operating under spending mandate for 2017-which includes instructions to pass health care through the fast-track process.

Republicans easily rejected Democratic attempts to protect the Obama health law, restore Medicaid, and increase spending for domestic programs renewed by Congress each year.

The plan appears set to ease through the GOP-controlled panel, which is stocked with hard-core conservatives, some of whom said the measure is too loose on spending.

The budget includes $621.5 billion in defense spending and $511 billion on non-defense discretionary spending in 2018. The Tax Policy Center estimated that once the plan was fully implemented, 96 percent of the tax relief it offered would go to households making $1 million or more a year. That's more than the $574 billion in base defense spending recently proposed by the White House.

In addition to Ways and Means' $52 billion deficit reduction target, the other committees and their targets are: Agriculture, $10 billion; Armed Services, $1 billion; Education and the Workforce, $20 billion; Energy and Commerce, $20 billion; Financial Services, $14 billion; Homeland Security, $3 billion; Natural Resources, $5 billion; Judiciary, $45 billion; Oversight and Government Reform, $32 billion; and Veterans, $1 billion.

The House budget assumes 2.6 percent growth and says economic feedback would cut the deficit by $1.5 trillion over a decade (and does not double-count that growth). Another $700 billion in savings would come from a crackdown on "improper payments" such as tax credits and Social Security and Medicare benefits going to people who don't qualify for them.

But in the immediate future, the GOP measure is a budget buster.

Much like the GOP's health care reform, Trump's tax cut proposal is not popular.

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