Unic Press UK: The United States Senate on Thursday approved the FY 2018 Budget Resolution, which is focused on providing the lawmakers with the tools for enacting tax reforms that would stimulate a rapid growth of America’s economy and further strengthen small businesses and families.
In a statement, the United States Senate Committee on Budget, said that 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.
United States president Donald Trump tweeted his reaction Friday morning:
Great news on the 2018 budget @SenateMajLdr McConnell – first step toward delivering MASSIVE tax cuts for the American people! #TaxReform pic.twitter.com/aBzQR7KR0c
— Donald J. Trump (@realDonaldTrump) October 20, 2017
