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…
