**Congress Approves Budget to Cut National Debt by $2 Trillion**

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about 2 months ago - Politics

Congress Passes New Budget Plan Aiming to Reduce National Debt

In a significant decision, the House of Representatives has passed a new budget plan for the U.S. government. This new budget aims to manage how the country spends money from the fiscal year 2025 to 2034. The main focus is to reduce the national debt, which is the extra money the government spends beyond what it collects in taxes.

House Republicans were the leading supporters of this budget plan. Their goal is to cut overall government spending by $2 trillion. This means that different parts of the government need to find ways to spend less money. For example, the Committee on Education, which looks after school funding, is tasked with cutting at least $330 billion. On the other hand, the Committee on Armed Services, responsible for military funding, may be allowed to increase its budget by $100 billion.

Another crucial aspect of this budget is addressing the debt limit. The government has the option to borrow an extra $4 trillion to cover its expenses, but this comes with worries about how that will affect future taxpayers. If spending cuts do not meet the planned goals, the budget may be reduced even further to stay on track.

The budget also focuses on promoting economic growth by encouraging lower federal spending, cutting taxes, and easing some regulations. The idea is that when the economy thrives, the government can earn more money, allowing it to provide better services without raising taxes heavily in the future.

Essentially, this new budget plan aims to ensure that young people today do not inherit a massive amount of debt. With each committee responsible for its own spending targets, this budget seeks to create a more thoughtful and accountable financial path for the country, helping families while looking ahead to the future.

This document is about setting the U.S. government's budget from 2025 to 2034.

  1. The biggest goal is to manage the national debt, which is a lot of money that the government owes. The plan aims to either keep it under control or reduce it.

  2. Different committees in Congress must make changes to laws. Each committee has specific goals for how much to increase or decrease the debt:

    • Armed Services: Not to increase the debt by more than $100 billion.
    • Education and Workforce: Reduce the debt by at least $330 billion.
    • Energy and Commerce: Reduce the debt by at least $880 billion.
    • Financial Services: Reduce the debt by at least $1 billion.
    • Homeland Security: Not to increase the debt by more than $90 billion.
    • Judiciary: Not to increase the debt by more than $110 billion.
    • Natural Resources: Reduce the debt by at least $1 billion.
    • Oversight and Government Reform: Reduce the debt by at least $50 billion.
    • Transportation and Infrastructure: Reduce the debt by at least $10 billion.
    • Ways and Means: Not to increase the debt by more than $4.5 trillion.

  3. There will also be a review if the changes made by these committees do not reduce the total debt by $2 trillion. If so, adjustments will be made to keep things balance.

  4. The government aims for economic growth, which can help reduce the debt and improve jobs for people. It plans to cut spending, increase energy production, lower certain taxes, and lessen regulations that make it hard for businesses to grow.

  5. The national debt is currently over $36 trillion, and if we don't manage it, future generations will have difficulties because of it. This budget plan hopes to help fix these problems over time.

Overall, this document outlines a clear plan for how the U.S. will budget money now and into the future, focusing on reducing debt and promoting economic growth.

432 votes

Yes

217

No

215

Not Voting

1

  1. Motion to reconsider laid on the table Agreed to without objection.
  2. On motion that the House agree to the Senate amendment Agreed to by the Yeas and Nays: 216 - 214 (Roll no. 100).
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  3. Pursuant to clause 1(c) of rule XIX, the House resumed consideration of H. Con. Res. 14.
  4. Resolving differences -- House actions: On motion that the House agree to the Senate amendment Agreed to by the Yeas and Nays: 216 - 214 (Roll no. 100).
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  5. POSTPONED PROCEEDINGS - Pursuant to clause 1(c) of rule XIX, the Chair announced further proceedings on H. Con. Res. 14 would be postponed.
  6. The previous question was ordered pursuant to the rule.
  7. DEBATE - Pursuant to the provisions of H. Res. 313, the House proceeded with one hour of debate on the motion to agree to the Senate amendment to H. Con. Res. 14.
  8. Mr. Arrington moved that the House agree to the Senate amendment to H. Con. Res. 14.
  9. Mr. Arrington moved that the House agree to the Senate amendment. (consideration: CR H1533: 2; text: CR H1533-1540)
  10. Pursuant to the provisions of H. Res. 313, Mr. Arrington called up the Senate amendment to H. Con. Res. 14.
  11. Message on Senate action sent to the House.
  12. Resolution agreed to in Senate with an amendment by Yea-Nay Vote. 51 - 48. Record Vote Number: 191.
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  13. Engrossed Amendment Senate

    This is a summary of a congressional document that focuses on budget resolutions and spending policies.

    1. Main Point: The resolution aims to manage government spending responsibly and avoid adding to the national debt.

    2. Key Details:

      • The government wants to keep taxes steady to protect families and small businesses from huge tax hikes.
      • It considers protecting programs like Medicaid, which helps vulnerable people.
      • If certain plans do not reduce the budget deficit by at least $2 trillion from 2025 to 2034, spending plans will be cut.
      • If plans do reduce the deficit by $2 trillion or more, budgets for committees will increase to support additional spending alignments.
      • In total, the U.S. aims to cut mandatory spending by $2 trillion also to help with the national debt that is currently over $36 trillion.

    3. Important Numbers:

      • $2 trillion target for deficit reduction over a decade.
      • $1.9 trillion projected deficit for fiscal year 2025.
      • $952 billion expected in net interest costs for the year.

    4. Impact on People:

      • These measures could help keep taxes down while ensuring important social programs are funded.
      • A reduction in spending and debt may lead to a more stable economy, which benefits everyone.

    These changes may not happen overnight, but they aim to create a more balanced budget that helps our economy grow and protects people's services.

  14. Passed/agreed to in Senate: Resolution agreed to in Senate with an amendment by Yea-Nay Vote. 51 - 48. Record Vote Number: 191.
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  15. Considered by Senate. (consideration: CR S2275-2360: 7)
  16. Measure laid before Senate by motion. (consideration: CR S2159-2168)
  17. Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 52 - 48. Record Vote Number: 169.
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  18. Motion to proceed to consideration of measure made in Senate. (CR S2159: 5)
  19. Placed on Calendar Senate

    This is a plan to manage the money the U.S. government spends and collects from 2025 to 2034.

    1. Budget Limits: Several committees must make changes to current laws to either reduce or increase the deficit. The key numbers are:

      • The Armed Services Committee can increase the deficit by $100 billion.
      • The Education and Workforce Committee must reduce the deficit by $330 billion.
      • The Energy and Commerce Committee must reduce it by $880 billion.
      • The Financial Services Committee must reduce it by $1 billion.
      • The Homeland Security Committee can increase it by $90 billion.
      • Other committees have similar goals, with some needing to cut even more.

    2. Debt Increase: The government may raise the debt limit by $4 trillion. This means it can borrow more money to cover expenses.

    3. Deficit Reduction: If the laws don't reduce the deficit by $2 trillion, changes will be made to keep the budget balanced.

    4. Economic Growth Policies:

      • The government wants to grow the economy by spending less, producing more energy, lowering taxes, and reducing regulations.
      • The goal is to help more people get jobs and improve the economy for everyone.

    5. Mandatory Spending: The U.S. has a large debt of $36 trillion, and more than 70% of the budget goes to mandatory spending. Reducing this spending is a top priority.

    6. Deregulation: The government wants to cut down on unnecessary rules that make it harder for businesses to operate and make money. This is meant to help the economy grow.

    7. Monitoring Changes: During this budget process, any changes in spending or debt will be closely watched to ensure everything stays on track.

    This funding plan is crucial because it will shape how much the government can spend and borrow, directly affecting citizens' everyday lives, job opportunities, and the economy's health.

  20. Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 38.
  21. On agreeing to the resolution, as amended Agreed to by the Yeas and Nays: 217 - 215 (Roll no. 50). (text: CR H818-823)
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  22. Passed/agreed to in House: On agreeing to the resolution, as amended Agreed to by the Yeas and Nays: 217 - 215 (Roll no. 50). (text: CR H818-823)
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  23. Engrossed in House

    This is a plan to change how the U.S. government handles money between 2025 and 2034.

    1. Main Point: The government wants to cut down on its spending (known as the deficit) by a total of $2 trillion. Different committees in Congress are given specific amounts they need to save or can only spend.

    2. Budget Changes Required:

      • Agriculture Committee: Save at least $230 billion.
      • Armed Services Committee: Can only increase spending by $100 billion.
      • Education and Workforce Committee: Save at least $330 billion.
      • Energy and Commerce Committee: Save at least $880 billion.
      • Financial Services Committee: Save at least $1 billion.
      • Homeland Security Committee: Can only increase spending by $90 billion.
      • Judiciary Committee: Can only increase spending by $110 billion.
      • Natural Resources Committee: Save at least $1 billion.
      • Oversight and Government Reform Committee: Save at least $50 billion.
      • Transportation and Infrastructure Committee: Save at least $10 billion.
      • Ways and Means Committee: Can increase spending by up to $4.5 trillion.

    3. Debt Limit Increase: The government plans to increase its borrowing limit by $4 trillion to manage debt.

    4. Impact on Daily Life:

      • Reducing spending means government services may change, and some programs may receive less money.
      • Increased efficiency in government is aimed at helping the economy grow, which could lead to more jobs.
      • If the budget cuts succeed, it can lead to a healthier economy in the long run.
      • More Americans may have the chance to enter the job market if barriers to work are removed.

    5. Overall Goal: The aim is to balance the budget in a way that helps the economy while also reducing government debt.

  24. Reported in House

    This document is about setting the U.S. government's budget from 2025 to 2034.

    1. The biggest goal is to manage the national debt, which is a lot of money that the government owes. The plan aims to either keep it under control or reduce it.

    2. Different committees in Congress must make changes to laws. Each committee has specific goals for how much to increase or decrease the debt:

      • Armed Services: Not to increase the debt by more than $100 billion.
      • Education and Workforce: Reduce the debt by at least $330 billion.
      • Energy and Commerce: Reduce the debt by at least $880 billion.
      • Financial Services: Reduce the debt by at least $1 billion.
      • Homeland Security: Not to increase the debt by more than $90 billion.
      • Judiciary: Not to increase the debt by more than $110 billion.
      • Natural Resources: Reduce the debt by at least $1 billion.
      • Oversight and Government Reform: Reduce the debt by at least $50 billion.
      • Transportation and Infrastructure: Reduce the debt by at least $10 billion.
      • Ways and Means: Not to increase the debt by more than $4.5 trillion.

    3. There will also be a review if the changes made by these committees do not reduce the total debt by $2 trillion. If so, adjustments will be made to keep things balance.

    4. The government aims for economic growth, which can help reduce the debt and improve jobs for people. It plans to cut spending, increase energy production, lower certain taxes, and lessen regulations that make it hard for businesses to grow.

    5. The national debt is currently over $36 trillion, and if we don't manage it, future generations will have difficulties because of it. This budget plan hopes to help fix these problems over time.

    Overall, this document outlines a clear plan for how the U.S. will budget money now and into the future, focusing on reducing debt and promoting economic growth.