Fiscal Year 2019 Budget
Courtesy of the House Budget Committee
Balances in Nine Years
Budget for a Brighter American Future achieves balance through responsible reforms and savings for government programs. The path mapped out in this budget reverses the current trend of growing deficits and debt that will ultimately result in a sovereign debt crisis, and yields surpluses by FY2027.
By achieving $8.1 trillion in deficit reduction over ten years, this budget begins to slow down the unsustainable rate at which debt is growing to less than the American economy's nominal rate of expansion. It does not make careless or sudden cuts to mandatory spending programs, but rather adopts thoughtful reforms to programs driving our debt and deficits. If the nation's current situation remains unchanges, future generations will face unthinkable choices that could cripple our economy and adversely affect every American family.
Through reconciliation instructions for 11 House authorizing committees, this budget achieves at least $302 billion in mandatory savings over the ten-year window, showing a commitment to act now and forestall a debt crisis.
Consistent with levels signed into law in February 2018, this budget sets topline discretionary spending at $1.24 trillion, and increase from $1.132 trillion in last year's budget.
- $647 billion for defense discretionary spending (up from $621.5 billion last year)
- $597 billion for non-defense discretionary spending (up from $511 billion last year)
Continues Economic Growth
Budget for a Brighter American Future builds on the success of the Tax Cuts and Jobs Act, further promoting economic growth and encouraging job creation. It reduces burdensome regulations, such as removing regulations that block the adoption of new pharmaceutical drugs and medical technology.
Encourages Better Government and Greater Accountability
Budget for a Brighter American Future requires good stewardship by Executive Branch agencies of their budgets and encourages the more responsible use of taxpayer dollars. it promotes efficiency and effectiveness, prescribes reforms to sustain vital government programs, identifies and confronts wasteful spending, and strengthens accountability to generate better outcomes for Americans.
Empowers State and Local Governments
Budget for a Brighter American Future respects the constitutional powers grants to state and local governments by the Tenth Amendment. It acknowledges that some reforms are best decided by those distinct governing authorities in order to best serve the unique needs of their own citizens.
To promote more efficient use of taxpayer dollars, this budget seeks to scale back overreach of the federal government and restore power to the states in areas such as health care, welfare, environmental regulation, education, workforce development, and transportation.
- Read the budget resolution text here
- Read a one-page summary here
- Read a section-by-section breakdown here
- Read the budget blueprint here
- Check out more charts and graphs here
After the passage of the Budget for a Brighter American Future out of the House Budget Committee, Rep. Smucker released the following statement:
"Washington's reckless spending is failing the American people. They expect Congress to treat their hard-earned tax dollars in a fiscally responsible manner. Congress has to stop kicking the can down the road and saddling future generations with insurmountable debt and severe economic consequences. This budget starts to do just that.
"That is why I am proud of our committee's work to get our nation back on a strong fiscal path. Last year, we passed a budget that would have balanced the federal budget in ten years and was instrumental in enacting comprehensive tax reform that has already revitalized our economy. This year, we're building on that success with the Budget for a Brighter American Future, which continues to promote pro-growth policies that will create new jobs and put more money back in the pockets of hardworking Americans.
"As a former small business owner, I have seen first-hand how expensive federal regulations threaten jobs and hurt small businesses. Our budget also reduces burdensome regulations to encourage job creation and stimulate further economic growth. It balances the budget within nine years and achieves a $142 billion surplus by 2028 - demonstrating a serious commitment by this committee to address our debt crisis. It also ensures that our troops have the resources they need to keep our homeland safe.
"More importantly, our budget resolution gets serious about tackling mandatory spending - the biggest contributor to our national debt - while protecting and preserving Medicare and Social Security for current and future beneficiaries.
"The Budget for a Brighter American Future restores regular order and puts Congress on track to spend within our own means. I want to commend Budget Committee Chairman Steve Womack for his tireless work on this budget resolution to restore fiscal sanity to Washington."