Senate Approves New Budget, Clearing Path For Possible Trump Tax Reforms

On Thursday the Republican majority Senate approved a 2018 Budget that allocates $1.5 trillion in additional federal deficit spending over the next decade for President Trump’s comprehensive tax reform proposal and establishes the  fiscal budget for 2018 and budget levels for fiscal years 2019-2027.

In a 51-49 vote on Thursday the Republican majority Senate narrowly backed the budget that reduces non-defense discretionary spending by $632 billion, establishes overall discretionary spending for fiscal year 2018 at $1.132 trillion of which $621.5 billion is for defense discretionary spending and $511 billion in non-defense discretionary, while it also makes a $1 billion cut with Energy and Natural Resources.

The budget aims to achieve $6.5 trillion in total deficit reduction over 10 years.

The budget resolution carries reconciliation instructions to the House Committees to obtain at least $203 billion in deficit reduction over the 2018-2027 period with each committee being required to report legislation to their Budget Committee no later than October 6, 2017.

Senate Majority Leader Mitch McConnell tweeted, “Now that we have passed the 2018 , it’s time to take advantage of this once-in-a-generation opportunity & pass .”

Written and Edited By:

John Schweitzer

@SchweitFinance

@Schweitz31

schweitz31@gmail.com

 

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