House panel moves ahead on budget

House panel moves ahead on budget

White House budget director Mick Mulvaney proclaimed, "It is a bold effort that follows the leadership of President Trump in Making America Great Again".

The House Republicans' spending plan aims to balance the federal budget within a decade, reducing the deficit by $6.5 trillion, partially by cutting billions of dollars from entitlement programs such as Medicare and Social Security.

Unlike Mr. Trump's budget, the House spending plan imposes cuts to the safety-net programs that the president promised as a candidate not to touch.

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"In past years, our proposals had little chance of becoming a reality because we faced a Democratic White House", Tennessee Rep. Diane Black, chairs of the House Budget Committee, said in a statement.

The proposal would raise defense spending from $583 billion to $621.5 billion - $18 billion more than Trump had asked for - which includes funding for a border wall.

House Agriculture Nutrition Subcommittee ranking member Jim McGovern, D-Mass., reacted passionately to the budget proposal at the hearing Tuesday. Ranking Member John Yarmuth, D-Ky., called the budget disgraceful and others called the cuts to Medicare, Medicaid and food stamps draconian, several Republicans anxious what it envisions might not come to pass.

"The president's budget was a starting point", Hoeven said after his subcommittee approved its fiscal year 2018 bill. Changing that would require the support of Democrats.

Reed said he would work to protect New Yorkers under the tax reform bill. A full House vote is expected sometime next week.

The budget doesn't specify what those cuts should be, instead leaving it up to the House committees that authorize funding as well as the House Appropriations Committee - which draws up the legislation to actually set aside the money for federal programs - to decide.

Senate GOP leaders had been more flexible than House GOP leaders in negotiating with Wolf on a tax increase.

The House budget plan would slash spending by $5.4 trillion over 10 years, including more than $4 trillion in cuts to mandatory spending like Medicaid and Medicare, while ramping up defense spending.

Here was TrumpCare in a nutshell: Big tax reductions for the wealthy, plus big cuts to government aid for the poor, and all of it packaged together by the reconciliation process, which allows bills to sneak through the Senate with 51 votes, bypassing the filibuster as long as they stick to fiscal policy changes and don't increase the deficit after 10 years.

If the Trump administration executes its tax plan, the Commitment to Reducing Inequality index estimates that the USA would drop in the global ranking to No. 29 in the world from its current position at 23.

The GOP budget plan touts the House-passed Financial CHOICE Act, including the bill's guiding principles that taxpayer bailouts of financial institutions must end, both Wall Street and Washington must be held accountable for wrongdoing and excesses, simplicity in legislation must replace complexity, and economic growth must be revitalized through "competitive, transparent, and innovative capital markets".

The Budget Committee's budget resolution would cut or slow the growth of spending on food stamps and other welfare programs while increasing defense spending, the Associated Press reported.

The proposed budget operates under a rosy assumption - that economic growth will progress at a rate of 2.6 percent annually.

The hope is that the caucus' budget will pave the way for spending plans down the road, McClintock said.

The U.S.is also seen falling behind the struggling economies of Greece, Argentina and Spain if Trump's first budget and the GOP's health care reform effort go through.

"If you want to see someone being pulled out of poverty ... create some kind of incentive for folks to further their education, to engage", Walker said.

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