Statement on FY 2025 Budget Resolutions

Statement from Paul Winfree, President and CEO of the Economic Policy Innovation Center: This week the House and Senate Budget Committees passed plans that demonstrate fortitude amid rampant waste and abuse by an ever-growing federal government.  Our fiscal situation is unsustainable, and the country’s debt capacity is rapidly shrinking. Congress would be wise to act expeditiously on a reconciliation package that secures the border, reduces inflation, preserves and expands the 2017 tax cuts, makes work pay, and drains the Swamp.  The budget resolution is a critical first step towards enacting the policies reflected within the budget resolution reconciliation and achieving these goals. With the important steps taken in the House and Senate, Congress remains on track for one of the fastest reconciliation successes ever in the first year of a new Presidential Administration, supporting President Donald J. Trump’s historic actions for the American people.  Both the House and Senate resolutions provide for policies that are critical for increasing economic growth and opportunity, including investments in immigration enforcement and a national defense as well as extending the Trump tax cuts.  The House and Senate budget resolutions also provide for reductions in the growth in spending that are necessary to put the nation back on a sustainable fiscal track. In particular, the House budget resolution includes a failsafe to achieve at least $2 trillion in deficit reduction to unlock the full potential of tax reform. Cutting spending and building upon the Trump tax cuts – on top of the unprecedented deregulation by the Trump Administration – will foster the next Golden Age of America.  It is clear in this budget resolution that Congress intends to keep their promises of good conservative budget policy, take advantage of the reconciliation opportunity, and restore common sense to government spending.