Rep. Bice Votes to Begin the Process of Budget Reconciliation
Washington, D.C. - Today, the House of Representatives voted to open the process for budget reconciliation. Tonight’s vote is a step in a long process and simply sets deficit reduction targets and instructs committees to draft reconciliation legislation. As a part of this process, no changes can be made to Social Security. This proposal seeks to address our national debt, which is currently over $36 trillion dollars, and contains additional provisions which will help the Trump Administration fully close our southern border and safeguard our nation against foreign adversaries. It also seeks to extend key tax provisions within the Tax Cuts and Jobs Act which will help maintain American competitiveness across the globe and prevent a tax hike for American families. Additionally, President Trump and House Republicans have made a commitment to protect Medicare benefits.
Congresswoman Bice issued the following statement:
“The vote today is only the beginning of the reconciliation process, and we still have a long way to go until we get the final bill text to the House floor. Through this process, my colleagues and I are trying to help secure the border, restore American energy production, and extend necessary tax cuts for American families and businesses. As we continue with the process, we must ensure we are taking a close look at the programs we are cutting, focus on fraud and abuse, and invest American taxpayer dollars properly. At $36 trillion dollars in debt, the path we are on is unsustainable.”
Specific Stats on the Tax Cuts and Jobs Act (TCJA):
- If TCJA were allowed to expire:
- The Average Oklahoma family’s federal bill would increase by $1911.
- Average Oklahoma business taxes would increase by $748.
- Due to TCJA, the bottom 20% of earners saw their federal tax rate fall to its lowest level in 40 years.
- Working families making between $20,000 and $30,000 saw their taxes cut by 13.5% – the largest of any income group.
- As a result of the TCJA, the bottom 50% of earners paid LESS income taxes than ever before.
The passage of tonight’s vote is only step two in the reconciliation process-
- Budget Committee Passes Budget Resolution.
- House Votes on Budget Resolution.
- House and Senate Agree to Budget Resolution.
- Instructed Committees draft legislative recommendations meeting the reconciliation targets in the Budget Resolution and submit recommendations to the Budget Committee.
- Budget Committee combines all submissions together, without substantive revision, into one bill and reports the bill to the House.
- House Considers and passes the bill.
- Bill is sent to the Senate.
- House and Senate pass the same bill (conference committee or amendments between the House).
- Bill is sent to be signed by President Trump.