In Congress, the House Budget Committee is moving forward today with discussing their recently released 2018 budget plan that will set a fiscal framework for budget, tax, and appropriations bills to follow and for years to come.
To unlock Congress’ power to expedite tax overhaul this year, the House GOP fiscal blueprint, titled “Building a Better America”, gives instructions to 11 House committees to achieve at least $203 billion in mandatory cuts. These cuts would mark the largest amount of deficit reduction through the budget process in two decades. If that were not enough, the GOP budget resolution states: “These targets are a floor, not a ceiling, and our Committee expects the authorizing committees will achieve significantly larger budgetary savings.”
The Center on Budget and Policy Priorities explains how the House GOP budget framework affects our country:
“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. It would do so while opening the door for tax cuts geared toward those who already are the most well off.
“The budget plan is broadly similar in direction and theme to President Trump’s budget: cutting trillions of dollars from basic assistance, health programs, and core investments in our economy; promising both big tax cuts and so-called deficit-neutral “tax reform” without providing any specifics for how those tax cuts would be paid for; and relying on rosy economic assumptions to show a balanced budget by 2027 on paper.”
For those interested in knowing which Congressional committees will play a major role in cutting the budget, here’s the breakdown:
“The House Ways and Means Committee, which would do much of the GOP’s tax-writing this year, would be charged with finding the most mandatory savings — at least $52 billion. That could include cuts to programs like the Social Services Block Grant, Temporary Assistance for Needy Families, Supplemental Security Income or Disability Insurance.
“The House Judiciary Committee would be tasked with the second-highest amount of savings, with a total of $45 billion — most of which would likely come from medical malpractice reforms. The Education and Workforce Committee, as well as the Energy and Commerce panel, would each need to produce $20 billion in savings, with another $10 billion from the House Agriculture Committee.”
For those wondering if North Carolina’s congressional delegation has GOP members in some of these committees, the answer is yes: House Ways and Means (George Holding, 2nd District); Education and Workforce (Virginia Foxx, 5th District); Energy and Commerce (Richard Hudson, 8th District); Agriculture (David Rouzer, 7th District).
Stay tuned as we continue to analyze and cover the rapid and fluid news on the federal budget and healthcare front this week.
Luis A. Toledo is a Public Policy Analyst for the Budget & Tax Center, a project of the North Carolina Justice Center.