February 12, 2025 at 03:11PM
The budget is just out.
US House budget aims to raise debt ceiling by $4 trillion
National debt would surpass $36 trillion, or 123% of GDP
The proposal calls for a $2 trillion reduction in mandatory spending over the next decade
Entitlement expenditures now account for more than 70% of the federal budget
The Education and Workforce Committee must reduce the deficit by $330 billion,
The Energy and Commerce Committee faces an even steeper $880 billion in required savings
the Armed Services Committee authorized to increase the deficit by $100 billion
Homeland Security and Judiciary Committees will collectively add another $200 billion​
So on net, Republicans are proposing $2 trillion in cuts to mandatory spending over 10 years and a $4.5 trillion tax cut.
This article was written by Adam Button at www.forexlive.com.
