The House Budget Committee approved a budget plan on Thursday that would shrink federal spending by about $2 trillion over the next decade, while cutting nearly $4.5 trillion in tax revenue.
It would also authorize a $4 trillion increase to the debt ceiling.
Although the process of approving a budget has gotten through the Budget Committee, it has a long way to go until it is complete. The Senate has also offered its own budget proposal, which keeps government spending closer to current levels.
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House Republicans say that the resolution passed by the Budget Committee on Thursday offers a "blueprint" to tackle President Donald Trump's spending goals.
“The resolution passed out of committee today is a blueprint to right-size the bloated federal bureaucracy, rein in the reckless spending that spurred record inflation, and roll back the barrage of burdensome regulations that are crushing our small businesses," said House Budget Committee Chair Jodey Arrington.
Coupled with cuts to tax revenue, the House GOP's proposed budget would still have about $2 trillion a year in deficit spending through 2034. The federal government is still expected to spend nearly $83 trillion between 2025 and 2034, according to House documents.
The blueprint tasks various House committees to find spending cuts over the next decade. For instance, the bill asks the Committee on Education and Workforce to make $330 billion in cuts, the Committee on Energy and Commerce to make $880 billion in cuts, and the Committee on Agriculture to make $230 billion in cuts. Conversely, spending on Homeland Security, the Judiciary, and Armed Services are being given leeway to add to the deficit, according to the bill.
“The budget resolution has passed through committee and House Republicans have now cleared a critical hurdle to delivering on the major priorities of President Trump’s America First agenda," Speaker Mike Johnson said. "From the outset of this process, we sought to ensure participation from every member of our conference and make clear that this resolution reflects our collective commitment to enacting the President’s full agenda – not just a part of it."
The way the resolution is written, Republicans can pass the bill without any Democratic support using a process known as reconciliation. In that case, a simple majority in both the House and Senate is needed for passage. But House Republicans only hold a three-vote advantage, meaning they'll need near universal support for a final proposal. And whatever the House agrees to must get the support of at least 50 Republican senators.
The Senate Budget Committee approved its version of the budget earlier this week along party lines.
“To those who voted for and support real border security and a stronger defense in a troubled world, help is on the way,” said Senate Budget Committee Chair Lindsey Graham. “This budget resolution jumpstarts a process that will give President Trump’s team the money they need to secure the border and deport criminals, and make America strong and more energy independent.”
