This year, Congress is expected to pass at least one major legislative package through what is known as the reconciliation process, which enables easier passage for certain types of budgetary changes.
The top goal for reconciliation will be extending and improving on the success of the 2017 tax cuts, which were a big success for America. Businesses created jobs and workers enjoyed strong wage growth thanks to the better tax code, at least until the disastrous policies of the Biden administration whipped up the inflation crisis.
It’s vital for Congress to pair pro-growth tax cuts with pro-growth spending reforms. Not only is every dollar of spending guaranteed to lead to a dollar of taxes down the line, but the federal budget itself needs a serious overhaul.
In fiscal year 2024, the federal government ran a $1.8 trillion deficit.
Historically, a deficit of over…
