The US Senate Budget Committee has released its 2018 proposed budget for approval in the larger congressional body. The proposal will then be matched with the House proposed budget and worked out for final approval, before being sent to the White House.
The Senate proposal contains provisions that will increase federal spending for this year, adding a jaw-dropping $1.5 tln to the national debt over the next year. Committee members have suggested that the tax cuts would produce economic gains, which would offset the total debt spending.
After 2019, the proposed budget would begin to cut non-defense spending, resulting in substantial budget savings over the next decade. The goal of both the Senate and House proposals is to balance the budget in that time.