US House proposes over $5 trillion in cuts

Pablo Martinez Monsivais

The House Budget Committee passed its fiscal blueprint for next year Wednesday evening with unanimous GOP support, but intra-party divisions threaten to derail the measure in the full House, jeopardizing plans to pass an overhaul of the tax code, a key legislative priority of President Trump and congressional Republicans. That's more than the $574 billion in base defense spending recently proposed by the White House.

"We're going to have a credit downgrade for sure without recurring revenue", said House Minority Leader Frank Dermody, D-Allegheny.

The proposal would raise defense spending from $583 billion to $621.5 billion - $18 billion more than Trump had asked for - which includes funding for a border wall.

Throughout the day, Sanford said he remained undecided as to whether he would introduce the amendment against the wishes of the party brass, and with no certainty of whether it would pass or not.

Still, the House budget resolution is optimistically counting on $1.5 trillion of Medicaid savings and $487 billion of Medicare cuts over the next 10 years, the latter when the baby boom generation is in full need of those services.

Democratic support in the Senate will be required to pass any spending package.

Reed said he would work to protect New Yorkers under the tax reform bill.

The budget relied on a series of assumptions in order to balance, none of which are guaranteed to come to fruition or be put into action by the budget. A Politico-Harvard T.H. Chan School of Public Health survey found that 62 percent of respondents said they are against the plan, while 24 percent back it. (Republicans were split, with 40 percent supporting the proposal and 41 percent opposed.) Most respondents said the tax plan would not help the economy. But for that budget to go into effect, it would have to pass the House and be reconciled with a Senate budget bill.

Freedom Caucus chairman Rep. Mark Meadows, R-N.C., said last month the border adjustment tax is a "stumbling block" as the GOP tries to pass its budget.

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With that strategy in mind, they made a decision to move both overhauls through the budget reconciliation process - health care in fiscal 2017 and taxes in fiscal 2018 - to allow for a simple-majority vote in the Senate. Sheila Jackson LeeSheila Jackson-LeeHouse committee advances budget resolution Dems launch "no confidence" resolution against Trump House Democrats offer to set agenda for Trump-Putin meeting MORE (Texas) tried to intervene on his behalf.

The negotiators, Brady, Treasury Secretary Steven Mnuchin, White House economic adviser Gary Cohn, House Speaker Paul Ryan, Senate Republican leader Mitch McConnell and Senate Finance Committee Chair Orrin Hatch, have yet to agree on a new corporate tax rate or how to pay for tax cuts.

The tax code changes wouldn't be able to be enacted without $203 billion in entitlement cuts over 10 years, though that amount hasn't been fully agreed to yet by all House Republicans. The levy is a weight on economic growth, he said in an interview with Reuters.

Reeling from the collapse of their plan to repeal the Affordable Care Act, Republican lawmakers are now moving on quickly to the next big thing: tax legislation.

The hope is that the caucus' budget will pave the way for spending plans down the road, McClintock said.

The Freedom Caucus have managed to secure reductions worth $53 billion as a result of weeks of pushing higher mandatory spending cuts to offset discretionary spending in the proposed resolution.

Kevin Brady, the top Republican on tax policy in the House as chairman of the Ways and Means Committee, said Republicans will look at the 3.8 percent Net Investment Income Tax in discussions aimed at unveiling a tax reform plan in September.

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