House adopts Senate's version of 2018 budget


House Republicans have adopted the Senate version of the 2018 budget resolution that does not include billions of dollars in cuts to federal retirement benefits.

The House Budget Committee approved the resolution Oct. 26 with a 216-212 vote. It allows for a tax overhaul that adds up to $1.5 trillion to the deficit through a process known as reconciliation.

The Senate version is focused primarily on restraining spending and growing the economy through tax reform.

The White House as well as Senate Budget Committee Chairman Mike Enzi (R-Wy.) praised the passage of the latest version.

“I applaud the House for approving this joint budget resolution, which will help restore the trust of the American people who want and deserve a more effective and efficient government,” Enzi, said, adding, “Congressional passage of this budget will provide the fiscal headroom needed for the committees in the Senate and the House to produce tax reform legislation to boost America’s economy. Hardworking families deserve a system that works for everyone and provides more jobs, fairer taxes, and bigger paychecks.”

On Oct. 5, the House passed a budget resolution that ordered $32 billion in cuts to federal retirement benefits, called for greater contributions from federal employees to their pension programs, eliminated separate pay scales for financial regulators, and changed the way interest rates were calculated on the G Fund.

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Edward A. Zurndorfer Certified Financial Planner
Mike Causey Columnist
Tom Fox VP for Leadership and Innovation, Partnership for Public Service
Mathew B. Tully Legal Analyst

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