The Senate passed the 2018 fiscal year budget resolution Thursday in a 51-49 vote, paving the way for tax reform.
The budget cuts government spending by $5.1 trillion and will create an on-budget surplus of $197 billion over the next decade due to economic growth and fiscal constraint. While the budget cuts nondefense discretionary spending by $632 billion, it offers the maximum level of spending towards defense.
“The Senate is taking the next critical step in passing the comprehensive, fiscally responsible budget before us,” said Senate Majority Leader Mitch McConnell (R., Ky.). “It’s a fiscally responsible budget that will help put the federal government on a path to balance. On the economic side, this budget can help our country realize better and more sustained economic growth—which is critical, given the last decade of missed opportunities for the middle class.”
The Senate Finance Committee, along with the House Ways and Means Committee and the Trump administration, released its tax reform framework in September, which attempts to cut taxes for all Americans, streamline the code to be more simple and fair, bring back jobs for more American workers, and bring back trillions in wealth from overseas.
Read more at The Washington Free Beacon