The House joined the Senate in passing the 2018 fiscal year budget in a 216-212 vote on Thursday in an effort to move tax reform forward.
The Building a Better America 2018 budgetbalances within a decade, achieves a $9 billion surplus, and is projected to increase GDP growth by 2.6 percent.
Under the Obama administration, GDP grew at a rate that averaged just 2 percent. According to the committee, this is below the historical average of 3 percent and a rate lower than one that occurred in previous economic recoveries. The House budget aims to boost economic growth even further by reducing red tape on businesses and reforming various government agencies that burden entrepreneurs.
“Overall, our budget achieves $6.5 trillion in deficit reduction, resulting in a $9 billion surplus in 2027,” the Budget Committee said in July. “We do not do this simply by cutting spending and reducing the size of government. Rather, our budget also enables states to find solutions that work for them, and it empowers individuals and small businesses to increase economic output and unleash the power of the American free market.”
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