House Republicans released a long-delayed budget blueprint Tuesday that promises to bring the federal budget into balance over a decade through steep cuts to discretionary spending, new restrictions on the social safety net and relatively rosy assumptions of consistently strong economic growth.
The partisan budget resolution, which the House Budget Committee plans to mark up Wednesday, comes five months after the April 15 deadline set by the 1974 budget law for adoption of the measure, which is designed to guide spending and tax policy.
It stands no chance of winning support in the Democratic-controlled Senate, which is already at loggerheads with House appropriators over fiscal 2024 spending levels. But the document makes good on a political promise by the new House GOP majority to offer a road map to a balanced budget by curbing spending growth.
