Staff Contact: Jane Drummond or Andrew Wheeler
The U.S. House of Representatives on Tuesday evening passed a budget resolution that provides structure to an appropriations package and committee budgetary instructions. The latest Senate budget resolution is significantly different than the House version. Once the Senate passes its version of a budget resolution, a reconciliation process will need to occur.
House Concurrent Resolution 14 includes $4.5 trillion in tax cuts and $2 trillion in reduced federal spending over the next 10 years. The resolution calls for deficit spending of $2.1 trillion for FFY 2025, a national debt increase to $55.6 billion by the end of FFY 2034 and raises the debt ceiling by $4 trillion. The Committee on Energy and Commerce would need to create a budget that decreases spending by $880 billion over the next 10 years.