Republican lawmakers in the House of Representatives released their fiscal 2018 budget plan on Tuesday, and House Budget Committee Chairwoman Diane Black (R-TN) announced a committee vote for Thursday. Here are five things you should know about the budget.
1. Tax reform can be passed without Democrats
Republicans are moving forward with tax reform in the $4 trillion budget plan. GOP lawmakers are employing a budget tool called reconciliation to move the tax reform legislation through the Senate. Republicans control both the Senate and the House of Representatives and can move the bill along with enough votes from GOP lawmakers.
2. The plan includes $621.5 billion in defense spending
The plan would increase defense spending to $621.5 billion and includes $511 billion for nonmilitary programs.
3. The plan allows for a partial repeal of Dodd-Frank
GOP lawmakers are moving forward with their plan to dismantle the 2010 Dodd-Frank Wall Street reforms and give President Trump authority to fire the leaders of the Consumer Financial Protection Bureau, a consumer watchdog agency. It could allow Congress to control the CFPB.
4. The budget aims to reduce the deficit
The plan aims to take the government from a $472 billion deficit in 2018 to a $9 billion budget surplus in 2027. The estimate is based on an expectation of 2.6 percent annual economic growth. The nonpartisan Congressional Budget Office forecasted that economic growth will be 1.9 percent annually from 2017 to 2027.
5. The plan will slash federal programs
The budget aims to save $203 billion through cuts to mandatory domestic programs. It includes deep cuts to programs supporting food stamps, student loans, federal employee benefits and healthcare resources.