News Release
House Passes FY10 Budget Resolution
FOR IMMEDIATE RELEASE
April 2, 2009
“What does this budget do?” asked House Budget Committee Chairman John Spratt. “It cuts the projected $1.8 trillion deficit – most of it inherited from the Bush Administration – by nearly two-thirds, to $586 billion by 2013, or 3.5% of GDP. That's a remarkable accomplishment, and an achievable goal as well.”
The House Budget Resolution, like President Obama’s budget, puts defense spending on a more sustainable path, with an increase of 4%. It also supports initiatives to make the economy more productive – in health care for the millions of uninsured; in alternative energies to reduce dependence on foreign oil and the depletion of the environment; and in education and Pell Grants in particular, expanding access to college for more people.
“Our budget is about vision and values and investments,” said Spratt, “and we’re proud to embrace President Obama’s goals. But bear in mind, these initiatives – in health care, energy, and education – will have to be deficit neutral to move forward. Not only must the policy be identified and defined, but the amount of money needed, and the offsetting cuts required to make it deficit neutral, will have to be part of the package.”
The resolution extends the middle-income tax cuts adopted in 2001 and 2003: the 10% bracket, the child tax credit, and marital penalty relief. It indexes the AMT – the alternative minimum tax – to keep it from burdening middle-income taxpayers for whom it was never intended. And it extends estate tax exemptions at the 2009 levels, and indexes the exemptions for future years.
“Our resolution supports the President’s goals of putting the budget back on a fiscally sustainable path while advancing key priorities in health care, energy, and education,” said Spratt. “These are goals that the American people support. I was pleased to see our budget pass the House.”
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