U.S. Senator Mike Enzi (R-WY), Chairman of the Senate Budget Committee, today unveiled the Fiscal Year 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. Enzi released the budget in conjunction with new bipartisan committee rules approved earlier this year focused on more orderly, meaningful and transparent consideration of budget resolutions in the committee.
“This budget resolution puts our nation on a path to balance by restraining federal spending, reducing tax burdens, and boosting economic growth. 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,” said Enzi. “A pro-growth tax plan will move the U.S. economy forward, and help to produce better jobs and bigger paychecks for every American. It will also bring down tax rates across the board and enhance America’s competitiveness around the globe.”
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 non-defense discretionary spending by $632 billion, consistent with previously agreed upon limits in the last conferenced budget resolution.
- HONORS Social Security’s off-budget status.
View the FY2018 Senate Budget Resolution here.
View tables on the FY2018 Senate Budget here.
View a summary on the FY2018 Senate Budget here.
View more info on the need for Tax Reform here.