GOP panel presses ahead on budget plan

GOP panel presses ahead on budget plan

GOP panel presses ahead on budget plan

After extended negotiations, Black would instruct 11 House panels to draw up $203 billion worth of mandatory cuts. The committees' proposals would be compiled into a single reconciliation bill for floor consideration. The budget proposal includes reconciliation instructions directing the Ways and Means Committee to take up deficit neutral tax reform.

"They are drawing the line against tax reform that increases the deficit", says budget expert Ed Lorenzen, a senior adviser for the Committee for a Responsible Federal Budget.

The plan released Tuesday as part of the House Budget Committee's 2018 budget resolution blueprint calls for consolidating tax brackets and cutting rates, repealing the alternative minimum tax and switching the United States from a worldwide tax system to a territorial tax system, which would tax only the domestic income of corporations.

Both bills have little support among Democrats and would likely be blocked in the Senate under typical procedure.

"And I would also note that we are only required to respond to reconciliation instructions that make it through the Senate and into a conference joint budget resolution", Thompson said. "We can not not do our work dependent on what the other body is doing". The plan would pour tens of billions of additional funding into the Pentagon while demanding huge spending cuts from virtually all other sectors of the government.

It includes more than 250 specific spending cuts and reforms, McClintock, chairman of the 178-member caucus' Budget and Spending Task Force, said in a press briefing Friday.

In order to get a tax reform bill passed - and all Republicans are in agreement that taxes should be lowered - they'll have to get the budget passed first. However, the GOP plan would devote $300 billion claimed from economic growth to the tax reform effort.

The House committee says its budget commits significant resources to "border construction".

"I'm kind of shocked because they bent over backwards to do a lot of compromising to get the moderate votes and even with all of that, a bunch of moderates couldn't get there", Rep. Dave Brat, R-Va., told the Examiner.

"House Republicans have devised a toxic budget whose sole goal is to hand tax breaks to billionaires on the backs of seniors and hardworking Americans", said Rep. Nancy Pelosi of California, the House minority leader. GOP leaders and the White House plan to use that measure to rewrite the tax code.

"I'm not sure a lot of the body completely appreciates, I didn't either until I was on the committee, the complexities that go into tax reform", he told Bloomberg BNA.

"We don't expect the RSC budget to pass; we do expect it to point a path back to solvency for future congresses to consider", he said.

The House GOP plan showcases how policy proposals that many in the party have pushed for years could be attainable with Republican control of the White House and Congress. These cuts would mark the largest amount of deficit reduction through the budget process in two decades.

The challenges that Republicans face in getting tax reform done were again on display.

While exempting Social Security, veterans and defense from cuts, the plan proposes trims across the rest of the budget to turn this year's projected $700 billion-or-so deficit into a tiny $9 billion surplus by 2027.

"It would cause pain to tens of millions of Americans, especially struggling families and others who have fallen on hard times, and would cut deeply into areas important to future economic growth, from education to basic scientific research".

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