The Senate Budget Committee held a hearing to consider President Trump’s FY18 Budget and Revenue proposals on June 14. Treasury Secretary Steven Mnuchin appeared before the Committee to provide testimony and to answer questions.
Chair Mike Enzi (R-WY) asked when the debt ceiling needs to be addressed, given reports from the Treasury that tax receipts were coming in slower than anticipated. The debt ceiling is the total amount of money the Treasury is authorized to borrow to meet its existing obligations. Mr. Mnuchin responded that his strong preference is for the House and Senate to raise the debt ceiling as soon as possible before the August recess.
Several Committee Democrats stressed their disappointment with the president’s budget, highlighting the severity of proposed cuts to critical programs, such as affordable housing, that aid low and moderate income Americans. Ranking Member Bernie Sanders (I-VT) asked Mr. Mnuchin “why [he thinks] it’s a good idea to make massive cuts when people all over the country are paying over 50% of their income on housing… and give tax breaks to the wealthiest families in America.”
Republican committee members expressed their optimism about the prospect of comprehensive tax reform. Mr. Mnuchin indicated that his staff are hard at work on a proposal, and that they are looking for ways to simplify the tax code by reforming exemptions, exclusions, deductions and credits. “Everything is on the table,” said Mr. Mnuchin.
NLIHC supports modifying the mortgage interest deduction through tax reform to rebalance federal housing resources towards people with the greatest needs.
Review NLIHC’s analysis of President Trump’s budget request at: http://bit.ly/2rwM9ae
NLIHC’s summary budget chart is available at: http://bit.ly/1SowzjU
Read NLIHC’s statement on President Trump’s budget request at: http://bit.ly/2mGyHuP
Read Diane Yentel’s Point of View about the proposed budget at: http://bit.ly/2o0viqX
Read about tax reform on NLIHC’s website at: http://bit.ly/2rApVQN
Watch a recording of the Budget Committee hearing at: http://bit.ly/2sjVAKH