Balancing the budget while reducing taxes and prioritizing national defense are the main goals in a blueprint for smarter government spending released Monday by The Heritage Foundation.
The Budget Control Act, passed in 2011, sought to curb government spending and control the growth of government programs, capping discretionary spending at $1.07 trillion for fiscal year 2018.
Heritage's "Blueprint for Balance," if implemented, would reduce spending by $10.8 trillion over 10 years and eliminate budget deficits by 2029, as well as permanently extend the Tax Cuts and Jobs Act of 2017 and reduce taxes by $800 billion.
During a second event in which Heritage presented its blueprint to congressional staff, Rep. Jim Banks, R-Ind., drew comparisons between the document and a budget released May 1 by the Republican Study Committee.
Neither the RSC budget nor the Heritage proposal has much of a hope of making it onto the House floor for a vote, given the Democrat majority led by Speaker Nancy Pelosi, D-Calif. "While we wanted to avoid our budget proposal being aspirational per se, we aren't naive enough to [think] that Nancy Pelosi [is] going to put the RSC budget on the floor," Banks said.
The Heritage plan, which would balance the budget within 10 years, would expand the Republican tax reform plan signed into law by President Donald Trump on Dec. 22, 2017.
Bogie said similarities between the RSC and Heritage budgets include permanently extending the 2017 tax cuts; providing another $850 billion in tax relief; prioritizing defense spending; and significantly reducing nondefense discretionary programs that fall outside the government's constitutional responsibilities.
https://www.dailysignal.com/2019/05/20/heritage-foundation-blueprint-would-balance-budget-while-cutting-taxes-stressing-defense/
The Budget Control Act, passed in 2011, sought to curb government spending and control the growth of government programs, capping discretionary spending at $1.07 trillion for fiscal year 2018.
Heritage's "Blueprint for Balance," if implemented, would reduce spending by $10.8 trillion over 10 years and eliminate budget deficits by 2029, as well as permanently extend the Tax Cuts and Jobs Act of 2017 and reduce taxes by $800 billion.
During a second event in which Heritage presented its blueprint to congressional staff, Rep. Jim Banks, R-Ind., drew comparisons between the document and a budget released May 1 by the Republican Study Committee.
Neither the RSC budget nor the Heritage proposal has much of a hope of making it onto the House floor for a vote, given the Democrat majority led by Speaker Nancy Pelosi, D-Calif. "While we wanted to avoid our budget proposal being aspirational per se, we aren't naive enough to [think] that Nancy Pelosi [is] going to put the RSC budget on the floor," Banks said.
The Heritage plan, which would balance the budget within 10 years, would expand the Republican tax reform plan signed into law by President Donald Trump on Dec. 22, 2017.
Bogie said similarities between the RSC and Heritage budgets include permanently extending the 2017 tax cuts; providing another $850 billion in tax relief; prioritizing defense spending; and significantly reducing nondefense discretionary programs that fall outside the government's constitutional responsibilities.
https://www.dailysignal.com/2019/05/20/heritage-foundation-blueprint-would-balance-budget-while-cutting-taxes-stressing-defense/
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