Tag Archives: 2018 US Budget

The House narrowly passes a 2018 Budget PLAN….

The vote was 216 to 212…..

New York, New Jersey and California REPUBLICAN House memebers voted AGAINST the outline of what a possible final budget would end up being….

Why?

Because in the plan’s tax cut part?

People in those states would LOSE tax advantages and the budget would actually INCREASE the nations budget deficit by as much as $2  TRILLON. over the next 10 years…

To say the whole thing is crazyily unbalanced  is a understatement ….

The final product is unlikely to look anything like what they voted on today….

The Republican ‘s now will have to try to CUT hundreds of billions from programs benefiting poor and middel class Americans to give to the rich 1% and their businesses…

Final approval of the budget measure clears the way for House leaders to unveil their tax plan next Wednesday, with a formal bill drafting expected by mid-November. The high-stakes legislative sprint could affect households in every state and businesses in every industry, with enormous political consequences for President Trump and Republicans in Congress.

The budget measure would allow for a tax bill that adds as much as $1.5 trillion to federal deficits over a decade, at a time when the federal government is already piling up more and more debt, which has now topped $20 trillion. The deficit for the 2017 fiscal year, which ended Sept. 30, totaled $666 billion, an increase of $80 billion from the previous year.

The outline of a tax plan unveiled in September would cut the corporate income tax rate to 20 percent, from 35 percent, collapse individual income tax brackets from seven to three, with tax rates of 12 percent, 25 percent and 35 percent, and double the standard deduction to $12,000 for individuals and to $24,000 for married couples filing jointly. But the hardest decisions on how to mitigate the costs of the proposal have yet to be made.

The blueprint, as unveiled, would cost the Treasury more than $2 trillion over a decade, according to estimates by tax-writing experts. Now Congress must now find a way to force those proposals into a $1.5 trillion budget hole.

Disagreements on how to do that have begun spilling into public view. In addition to the dispute over the deduction for state and local taxes, Mr. Trump and the House’s chief tax writer, Representative Kevin Brady of Texas, have collided over the issue of retirement savings, another delicate issue.

Republicans hope that by the end of the year, they will be able to deliver to Mr. Trump the first significant revamping of the tax code since the Reagan administration, a feat that would show that unified Republican government can take on a big challenge and produce success.

But overhauling the tax code is an exceedingly difficult task, as evidenced by the decades that have passed since it was last achieved….

More…

Please NOTE….

Republicans are using the same procedure, called reconciliation, to avoid having to win the eight Democratic votes they would likely need to pass the bill with a 60-vote super-majority in the 100-member Senate. Reconciliation is a procedural mechanism originally intended to quickly clean up minor differences in the spending plans proposed by the Senate and the House by setting aside rules that slow the process. Lawmakers quickly learned that, with carefully written legislation, they could also move controversial legislation, like massive tax cuts or an overhaul of the health-care system, through reconciliation.

Didn’t the attempts to repeal health care with reconciliation fail?

Indeed they did. Republicans only have a two-vote margin in the Senate (effectively three, if you include vice president Mike Pence’s ability to cast the tie-breaking vote). If they lose just three votes, they still can’t pass anything. It’s possible the same thing will happen with this tax bill—except that cutting taxes is a far easier sell to Republicans, of course. It’s why they put up with Donald Trump….

What’s left to find out?

Everything, really. Like most preliminary documents, both the unified framework and the budget resolution kick the most critical decisions down the road. Republicans face a tightrope wire between who benefits from the tax cuts, and how much of the cuts get paid for versus how much the public will borrow. The more debt in the plan, the harder it will be to win critical votes in the Senate. But paying for the tax cuts by reducing loopholes—such as the deductions for state and local taxes, charitable giving or retirement savings—could alienate lawmakers whose constituents benefit. It’s a very difficult line to walk…

More…

Share on Facebook

US Senate narrowly passes Budget Plan….

Republican Senator’s worked the bill so that they would only need THEIR members simple majority for passage….No Democratic filibuster can stop it…Only Republican Senator Rand Paul voted with the Democrats against the bill…

The media reports are that the math in the spending sets up the Republican effort to pass a Tax Cut bill next which have been pushing for along with Trump…

The bill now goes to the House….

And if passed in the House would be the firsts major legislation the Republicans have voted in since Donald Trump became President….

In Congress, the annual budget resolution provides an outline of federal spending and revenues. The Senate’s blueprint, for the 2018 fiscal year that began Oct. 1, claims to achieve a balanced budget within a decade, assuming greater economic growth and using an accounting method that excludes Social Security. In order to erase projected deficits, it calls for trillions of dollars in spending cuts over the coming decade.

But the cuts exist only on paper, without legislation to achieve them.

Even so, Democrats sounded the alarm, warning that the aspirational cuts in the budget plan called for slicing more than $1 trillion from Medicaid and about $470 billion from Medicare over a decade.

They also lamented the approach that Republicans are taking on taxes, which mirrors the strategy that they employed in their failed effort to repeal the Affordable Care Act. On that matter, Republicans successfully laid the groundwork for a repeal measure that could pass without any Democratic votes, but party leaders could not ultimately get 50 Republican senators to agree on a health bill.

Though Democrats have pleaded to have more say in the tax overhaul, parliamentary language in the budget resolution would allow Republicans to pass a tax bill without any cooperation from the minority party. The tax measure could add as much as $1.5 trillion to budget deficits over a decade.

“Passing this budget is not a requirement for passing tax reform,” said Senator Gary Peters, Democrat of Michigan. “Passing this budget is only a requirement to pass a tax bill with as few votes as possible, without input or buy-in from members of the minority.”

For Republicans, the budget debate provided a moment to showcase their main goal in the coming months: Approving an overhaul of the tax code for the first time in decades, which they hope will lead to greater economic growth.

But before they can move ahead with a tax bill, the House and Senate need to agree on the same budget resolution….

More…

Share on Facebook

House Republicans finish a $4.1 trillion fiscal 2018 Budget blueprint….

They have a plan and are trying to reach for enacting a HUGE Tax Cut….

They had a plan TWICE on healthcare….

You KNOW what happened with THAT….

Image result for paul ryan

The party’s struggles have extended well beyond its failure to repeal the Affordable Care Act, jeopardizing an annual congressional responsibility that the GOP once relished: passing a budget. House Republicans finally approved their $4.1 trillion fiscal 2018 blueprint on Thursday—nearly six months late and over the defections of 18 of their members.

Unlike past years, the importance of the House GOP budget is not its proposed overhaul of Medicare and Medicaid, or even the trillions of dollars in cuts it envisions for federal spending. Those ideas likely won’t make their way into law. But by clearing the resolution on a party-line 219-206 vote, Republicans took the first necessary step toward their ultimate goal of enacting an ambitious tax-reform plan by the end of the year. The budget again unlocks the procedure known as reconciliation that could allow the GOP to rewrite the tax code without having to overcome a Democratic filibuster in the Senate. It’s the same process Republicans have tried—without success so far—to use to repeal and replace Obamacare.

“We haven’t reformed this tax system since 1986,” Speaker Paul Ryan said shortly before the vote. “We need to pass this budget so we can help bring more jobs, fairer taxes, and bigger paychecks for people across this country…..

More…. 

image…washingtonpost.com

Share on Facebook

House Republicans look to CUT Food stamps, Welfare, Income Assistance for the Disabled, Veterans’ benefits

In order to get a balanced budget and do Trump’s tax cuts and increase money for the Pentagon?

The Republicans are thinking of robbing the poor and Vets…

This piece from Politico just is about getting ahead of the Republicans trying to get away with this…

It will be a political battle with consequences for all involved….

The drama will play out the end of the Summer going into September….

House Republicans just voted to slash hundreds of billions of dollars in health care for the poor as part of their Obamacare replacement. Now, they’re weighing a plan to take the scalpel to programs that provide meals to needy kids and housing and education assistance for low-income families.

President Donald Trump’s refusal to overhaul Social Security and Medicare — and his pricey wish-list for infrastructure, a border wall and tax cuts — is sending House budget writers scouring for pennies in politically-sensitive places: safety-net programs for the most vulnerable.

Under enormous internal pressure to quickly balance the budget, Republicans are considering slashing more than $400 billion in spending through a process to evade Democratic filibusters in the Senate, multiple sources told POLITICO.

The proposal, which would be part of the House Budget Committee’s fiscal 2018 budget, won’t specify which programs will get the ax; instead it will instruct committees to figure out what to cut to reach the savings. But among the programs most likely on the chopping block, the sources say, are food stamps, welfare, income assistance for the disabled and perhaps even veterans’ benefits.

If enacted, such a plan to curb safety-net programs — all while juicing the Pentagon’s budget and slicing corporate tax rates — would amount to the biggest shift in federal spending priorities in decades.

Atop that, GOP budget writers will also likely include Speaker Paul Ryan’s (R-Wis.) proposal to essentially privatize Medicare in their fiscal 2018 budget, despite Trump’s unwavering rejection of the idea. While that proposal is more symbolic and won’t become law under this budget, it’s just another thorny issue that will have Democrats again accusing Republicans of “pushing Granny off the cliff.”

“The Budget Committee is trying to force the entire conference and committees of jurisdiction to focus on ways to bring down this deficit,” said senior Budget panel member Rep. Tom Cole. Republicans have long sought to tackle the nearly $20 trillion debt, but Trump has tied their hands by ruling out cuts to Social Security and Medicare….

More…

Note….

In Reality it is HIGHLY UNLIKELY the cuts mentioned above will occur…

This will just be the first hand dealt…

The 2017 stop-gap budget showed that Congress will NOT go to the mat and have a shut-down with the 2018 Midterms around the corner….

Share on Facebook