U.S. Senate approves balanced budget for 2016
The United States Senate today approved a balanced budget resolution for fiscal year 2016, which will boost the nation’s economic growth by more than $500 billion over the next ten years, according to the non-partisan Congressional Budget Office (CBO). If the Senate adds recommended tax and regulatory reforms to these spending reductions, the economic benefits will be even bigger.
The measure approved by the Senate also balances the budget in ten years with no tax hikes, protects the nation’s most vulnerable citizens, strengthens America’s national defense, and improves economic growth and opportunity for hardworking families.
The Senate Budget Committee estimates the economic growth dividend from a balanced budget will mean that more jobs will be created nationwide each year, beginning in 2019. By 2025, the tenth year of the balanced budget, more than 1.3 million additional jobs will exist.
The CBO also estimated that per person economic output would be 1.5 percent higher by 2025 under the Senate Republican Budget. This increase in economic growth occurs solely because of spending changes made in the budget, which reduce the growth of federal debt, and that makes more lending available to private businesses and job creators. The country’s lower debt will also push down interest rates for all borrowers.
–Wyoming Senator Enzi