House Republican budget slashes billions in spending, paving path to tax cuts

Jul 20, 2017, 00:50
House Republican budget slashes billions in spending, paving path to tax cuts

That's the powerful tool that allows lawmakers to advance tax and spending legislation with only 51 votes in the Senate, rather than 60 - and the GOP now has 52 senators. On Tuesday morning, Senate Majority Leader Mitch McConnell said that instead of voting on the BCRA, the Senate would vote on a straight repeal of the ACA with a two-year delay on its effective date. But we don't have to accept this reality. "It's pretty obvious that we don't have 50 members who can agree on a replacement".

"Even if the entire package is created to be "paid for, ' we still believe Congress could fit close to $3 trillion in tax cuts into a 'deficit neutral" reconciliation bill, halfway financed by honest-to-goodness tax revenue raisers and the remainder through smoke-and-mirrors baseline gimmicks and dynamic growth assumptions", Cohn wrote.

House Speaker Paul Ryan, Treasury Secretary Steve Mnuchin, and Senate GOP leaders are still not on the same page on how to pay for a tax code rewrite that would reset the tax rates and get rid of a host of tax credits. Some Democrats pushed for the creation of a new consumption tax - a tax potentially akin to national sales tax that is a nonstarter for most Republicans.

"The Senate seems to have completely reversed course", Steineke said. "The time for talking is over, now is the time for action". "We owe it to the American people".

More news: 4 children, man found dead after reported stabbing in Georgia

The plan appears set to ease through the GOP-controlled panel, which is stocked with hard-core conservatives, some of whom said the measure is too loose on spending. The House Freedom Caucus has called for steeper cuts to mandatory spending and more details on the specifics of the tax reform plan.

New Jersey Rep. Tom MacArthur, who authored an amendment to the House health care bill that was ultimately key to its passage, said a tax overhaul should still move through reconciliation but acknowledged it will be more hard because of the health care stumbles.

On Tuesday, they took the first step with a budget proposal that calls for reducing tax rates for businesses and individuals. "But the imperative is absolutely there".

Budget Director Mick Mulvaney testifies on Capitol Hill in Washington, before the House Budget Committee hearing on President Donald Trump's fiscal 2018 federal budget.

More news: Breckenridge wildfire grows to 70 acres, Peak 7 neighborhood evacuated

"The budget is a slap in the face to all of the workers who care for our veterans, guard our borders, support our military and keep our air and water clean", said J. David Cox Sr., president of the American Federation of Government Employees, the union that represents more than 600,000 federal employees. It's unlikely the Senate will back that approach. NY billionaire Donald Trump clinched enough delegate votes to be officially selected as Republican presidential nominee Tuesday evening in the roll call voting at the ongoing Republican National Convention.

His statements align with recent public polling by the Pew Research Center, which earlier this year found the majority of Democrats and Republicans disagree with cuts to federal spending on social programs-including Social Security, health care, infrastructure improvements, and education. "In fact, we continue to welcome those ideas and engagement, certainly here in the House".

If the proposal clears the committee it's unclear when the full House will vote on it because GOP leaders are still gauging internally whether they have the votes to pass it. Democrats are already blasting the proposal and are expected to oppose it so Republicans can't risk losing more than roughly 20 votes in order to approve the budget. And Sen. Luther Olsen said he was "dead against" any borrowing that would be repaid with money from the state's general fund.

More news: Gordon Hayward may be heading to Celtics

Loading...
loading...
loading...
YOU MIGHT ALSO LIKE
popular