Senate Releases FY 2018 Budget, Kick-Starting Tax Reform In Upper Chamber
The Senate Budget Committee released its Fiscal Year 2018 budget Friday, equipped with reconciliation instructions for tax reform.
The measure allows the Senate Finance Committee to add $1.5 trillion to the deficit over the course of a decade while pushing for $1 billion in savings from Energy and Natural Resources Committee.
While the bill would allow for a steep increase in the nation’s deficit, Republicans argue that it will ultimately help grow the economy and lower the tax burden on American citizens.
“This budget resolution puts our nation on a path to balance by restraining federal spending, reducing tax burdens, and boosting economic growth,” Senate Budget Chairman Mike Enzi said in a statement. “It is also the first important step in providing Congress with the tools it needs to enact tax reform that will grow America’s economy and strengthen hardworking families and small businesses.”
Despite defense hawks’ calls for increased military spending, the legislation remains consistent with the FY 2017 levels, but reduces non-defense
The reconciliation measure will allow Senate Republicans to pass their tax reform legislation with just a simple majority.
A vote is expected in the upper chamber next week. The House is also slated to vote on its FY 2018 budget next week.
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