The House Budget Committee unveiled its Building A Better America 2018 budget Tuesday, which is balanced and achieves a $9 billion surplus in 10 years and increases GDP growth to 2.6 percent.
"Our budget is one of sustainability, smaller government, stronger national security, and greater freedom for individuals," the committee states. "The status quo is unsustainable spending, higher deficits and debt, higher taxes, bigger government, and more federal control over the lives of Americans."
The budget not only balances within a decade, but aims to increase economic growth by implementing tax reform and reducing government regulations, as well as reforming several government programs to ensure taxpayer dollars are used efficiently and appropriately.
The committee notes that under the Obama administration, federal spending grew at a rate that increased the debt to unprecedented levels. They found that if spending continued along this path, in the next 10 years there would be $9.4 trillion more added to the debt. Instead, the House is introducing a budget that reins in this spending and puts the government on a path that will balance in the next decade in order to pay down debt.
"Overall, our budget achieves $6.5 trillion in deficit reduction, resulting in a $9 billion surplus in 2027," the committee said. "We do not do this simply by cutting spending and reducing the size of government..