The U.S. Senate today began debate on the FY 2018 Budget Resolution focused on providing Congress with the tools it needs to enact tax reform to grow America’s economy and strengthen hardworking families and small businesses. Senate Budget Committee Chairman Mike Enzi, R-Wyo., said after years of stagnant growth, it is clear that the nation needs a simpler, fairer and more transparent tax system that will leave more dollars in the pockets of hardworking families.
“This week, the Senate begins debating the budget blueprint to pursue long-overdue tax relief for families and job-creators that will jumpstart economic growth,” Enzi said. “It is crucial that Congress approve this fiscal framework in order to eliminate the dated and stifling tax policies that are holding back our nation. The Senate budget sets the stage for pro-growth tax reform that will lower taxes on American families and job-creators by a net $1.5 trillion over 10 years. By keeping more money in the pockets of hardworking taxpayers and small businesses, these reforms – if done right – will boost investment, wages and productivity here at home.”
The FY 2018 Budget Resolution:
- PROVIDES a path to balance by restraining federal spending, reducing tax burdens, and boosting economic growth.
- REDUCES spending by $5.1 trillion.
- PROVIDES reconciliation instructions to spur economic growth:
- Finance Committee—$1.5 trillion for comprehensive tax reform
- Energy and Natural Resources—$1 billion in deficit reduction
- PROVIDES an on-budget surplus of $197 billion in 2027 as a result of fiscal constraint and economic growth.
- PROVIDES maximum level of regular defense funding allowed under the law—preventing sequestration cuts. The resolution includes a mechanism to adjust these levels if an agreement on revised funding levels is reached.
- REDUCES nondefense discretionary spending by $632 billion, consistent with previously agreed upon limits in the last conferenced budget resolution.
- HONORS Social Security’s off-budget status.