GOP Budget: $2T Cut With $4T Cap on Debt Ceiling Rise

The delayed House GOP budget resolution was unveiled Wednesday morning featuring $2 trillion in mandatory spending cuts and a $4 trillion cap on raising the debt limit.

Raising the debt limit was a controversial issue sought by President Donald Trump while seeking to deliver on vows to cut government spending.

The 45-page bill also includes $4.5 trillion of room for Ways and Means to lock in tax cuts, while Chair Jason Smith, R-Mo., has been arguing that will not be enough to do all Republicans want.

Among the proposed cuts over the next 10 years, as rebuked by Rep. Richie Torres, D-N.Y.:

• $880 billion from energy and commerce
• $330 billion from education
• $230 billion from agriculture

Also, among those on the chopping block:

• $50 billion cap on government oversight cuts
• $1 billion cap on financial services cuts
• $1 billion cap on national resources cuts

Also, capped budget increases as outlined in pages 34-37:

• $110 billion cap on judiciary spending increases
• $100 billion cap on defense spending increases
• $90 billion cap on border security spending increase

With razer-thin margins in the GOP-held House and Senate, House Speaker Mike Johnson, R-La., and Senate Majority Leader John Thune, R-S.D., have a fine needle to thread on getting passage for budget plans that permit deep cuts from the Democrat-run spending levels during the Biden administration.

House Republicans reconvened late into Tuesday evening at the Capitol to make sure all the Republicans would be on board with the emerging plan, particularly the spending cuts that have the potential to cause angst among lawmakers as they slice into government spending.

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