March 27, 2015

Balanced Budget Passes Senate With Crapo's Support

Applauds return to fiscal responsibility and regular order in new Congress

Washington, D.C.-The balanced budget resolution passed by the U.S. Senate is a step in the right direction says Idaho Senator Mike Crapo, a senior member of Senate Budget Committee. Crapo voted in favor of the measure late last night, which would balance the federal budget in a ten-year window with no tax hikes and would significantly improve economic growth. The budget was approved on a 52-46 vote.

"Washington has lived outside its means for far too long," said Crapo.  "Our $18 trillion and growing national debt continues to pose a serious threat to the country's future security and weigh down the economy.  However, the measure before the Senate today provided us an opportunity for a course correction-one that does not come at the expense of hardworking Americans.  The Senate's budget not only balances without burdening families and individuals with additional taxes, but will provide a much-needed boost to the economy."

According the non-partisan Congressional Budget Office, the Senate's budget framework would increase economic growth by an estimated $500 billion over the next ten years with the potential for even greater economic benefits to be realized.  By controlling the growth of spending, the Senate's budget would reach a surplus in the tenth year and would achieve $4.4 trillion more in deficit reduction than the President's budget proposal.  Additionally, projections show that by 2025, more than 1.3 million additional jobs will exist nationwide and nearly 6,500 additional jobs will be created in Idaho.