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The Fiscal Responsibility Act of 2023, passed in June 2023, resolved that year's debt-ceiling crisis and set spending caps for FY2024 and FY2025. The act called for $895 billion in defense spending and $711 billion in non-defense discretionary spending for fiscal year 2025, representing a 1% increase over fiscal year 2024. [10]
The budget calls for up to $4.5 trillion in new deficits through tax cuts, which Republicans plan to use to extend Trump’s expiring 2017 tax law and pass other pieces of his tax agenda.
On May 22, the House Armed Services Committee approved its version of the 2025 National Defense Authorization Act, by a 57–1 vote. [6] As passed by the Committee, the bill included the Pentagon's controversial "Legislative Proposal 480", transferring Air National Guard space units to the Space Force; however, the Committee accepted an amendment proposed by Joe Wilson (R‑SC), watering down ...
The $300 billion increase for military and border security in the budget plan includes $100 billion for the Armed Services Committee to earmark, $110 billion for the Judiciary Committee to give ...
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The U.S. House of Representatives speaker said on Sunday he would stick with a "one big bill" strategy to pass President Donald Trump's tax-cut agenda and fund border and military priorities ...
An estimated 2 million California children in lower income families would benefit from the expansion of the federal child tax credit bill now moving through Congress, according to Washington’s ...
The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, [2] Pub. L. 115–97 (text), is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), [3] [4] that amended the Internal Revenue Code of 1986.