A New GOP Battle Begins as Republicans Look to Pass a Budget

A New GOP Battle Begins as Republicans Look to Pass a Budget

Republicans only hold 52 of the 100 Senate seats. It didn't get much attention amid the fallout over the Senate's Obamacare repeal failure.

And the Judiciary Committee would be responsible for $45 billion in deficit reduction, which is roughly the amount of savings produced under the Protecting Access to Care Act, a medical-malpractice reform bill that also passed the House last month. It would do so by slashing $5.4 trillion over the coming decade, including nearly $500 billion from Medicare and $1.5 trillion from Medicaid and the Obama-era health law.

"I don't think there are $2 trillion of politically saleable offsets on the corporate side of the ledger", said Rohit Kumar, a former aide to Senate Republican leader Mitch McConnell who now serves as a principal in the tax policy group at the consulting and accounting firm PwC LLP.

MAGAnomics was supposed to deliver the "biggest tax cut we've ever had". The levy is a weight on economic growth, he said in an interview with Reuters. But when Lorenzen's group tried to estimate its budget effects, the analysts said it would cost between $3 trillion and $7 trillion.

"House Republicans have devised a toxic budget whose sole objective is to hand tax breaks to billionaires on the backs of seniors and hardworking Americans", said Rep. Nancy Pelosi of California, the House minority leader.

It's shaping up to be another congressional disappointment for Trump. It must be obvious that chronic deficits reflect a basic political impasse that can be broken only if majorities in Congress do things they've refused to do: trim Social Security benefits; raise taxes significantly; control health spending.

House Republicans are under fire for their new 10-year budget blueprint, released Tuesday, that proposes increasing military spending by $72.4 billion while slashing more than $200 billion from social programs.

"For too long, the federal government's excessive spending has put future generations at risk". The meeting came after Fitzgerald and Senate leaders unveiled their own budget proposal Tuesday.

Like the proposal the White House released in May, the House proposal is a blueprint, not a bill set in stone. Still, there are a lot of controversial cuts, some of which might not even sit well with moderate Republicans.

President Trump's budget would mean huge cuts to the income and retirement benefits of current, future, and retired federal workers.

"They are assuming the passage of the health-care bill". Given a wholesale repeal or overhaul now seems imperiled, Republicans are looking at other ways to attack a law they have vowed to overturn since it was signed by Democratic former President Barack Obama seven years ago. "We need to see where this process lands with the Senate, and when we have a joint budget resolution, the committee will do its part to help generate any required savings". That's not a guarantee.

Meadows said the bill would likely pass out of committee July 19, but that he was certain it would fail on the House floor, and leadership may decide to not bring it to a floor vote. Even among Republicans, consensus will be tricky. As with health care, the question is then whether Republicans can get enough support to push through something they've hoped to accomplish for years. The GOP budget calls for about $1.5 trillion in Medicaid cuts over the next decade.

Members of the hard-right House Freedom Caucus have been pushing for more aggressive long-term spending cuts in reconciliation.

The budget projects $46.333 trillion in spending over the 2018-2027 period and revenue of $41.953 trillion. But in reality, only $203 billion in cuts - a mere 5 percent - would be mandatory.

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