House Republicans passed their Fiscal Year 2025 budget resolution, H. Con. Res. 14, setting forth a comprehensive framework for federal spending, revenue projections, and deficit expectations through 2034.
The proposed budget authorizes $5.515 trillion in new budget authority for fiscal year 2025, with an estimated $5.49 trillion in outlays. Despite the significant spending plan, the budget forecasts a $2.08 trillion deficit.
Over the next decade, budget outlays are projected to rise to $7.53 trillion by 2034, with federal revenues expected to increase from $3.4 trillion in 2025 to $5.41 trillion in 2034. However, the deficit remains persistent, averaging nearly $2 trillion per year over the period.
The budget, spearheaded by House Budget Committee Chairman Jodey Arrington (R-TX), seeks to reverse the “reckless spending spree” of the Biden administration, which has driven inflation, increased debt, and weakened national security.
“WOW! House GOP just passed my budget resolution that provides the fiscal framework for what will be one of the most consequential pieces of legislation in modern history and the principal legislative vehicle for delivering on President Donald Trump’s America First agenda,” Arrington wrote on X.
“I’m proud of my colleagues for meeting this moment with the urgency it demands, and I implore the Senate to act quickly so we can deliver on the people’s mandate by restoring fiscal health to our nation, reining in reckless spending, restoring safety and security to our communities, and reigniting economic growth for generations to come.”
You can read the bill below:
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