Today, the House of Representatives passed the Building A Better America 2018 budget in a 219 to 206 vote.
If Congress were to cut unnecessary and wasteful spending in the federal government, it could balance the budget in three years based on recommendations by Citizens Against Government Waste, a nonpartisan organization.
The federal government collected $2.74 trillion in taxes in the first 10 months of fiscal year 2017, but the federal government still ran a $566 billion deficit during that time, according to the latest monthly Treasury Department statement.
The cost of earmarks totaled $6.8 billion in fiscal year 2017, up 33.3 percent from the previous year, according to Citizens Against Government Waste’s 2017 Congressional Pig Book.
The House Budget Committee unveiled their Building A Better America 2018 budget Tuesday, which balances and achieves a $9 billion surplus in 10 years and increases GDP growth to 2.6 percent.
President Donald Trump’s proposed budget for 2018 would reduce the deficit over the next decade by $160 billion and increase GDP at the same time, according to an analysis from the Congressional Budget Office.
The Treasury is set to run out of cash in October, which may lead to a default on debt obligations or payment delays for government programs, according to a report from the Congressional Budget Office.