May 05, 2015

Crapo Supports Passage of Balanced Budget Agreement

Several amendments offered by the Senator included in final budget outline

Washington, D.C.-After working with members of the Senate-House budget conference committee over the last few weeks to iron out the differences between the two chambers' Fiscal Year 2016 budget proposals, Idaho Senator Mike Crapo today joined a majority of his Senate colleagues in supporting passage of the final budget agreement.  By reining in federal spending, the newly-approved budget is projected to balance over ten years without raising taxes, marking the first time the Senate has passed a balanced budget since 2001.  Crapo, a senior member of the Senate Budget Committee, secured several provisions in the final framework, including a measure to prevent Congress from using guarantee fees-fees designed to protect taxpayers from mortgage losses-as an artificial offset for unrelated federal spending.

"For almost a decade, Congress has ignored regular order, forgoing the critical budget and appropriations process almost entirely," said Crapo.  "It is evident that Washington's tired tax and spend policies have failed, and this budget provides a much-needed course correction-one that doesn't come at the expense of the taxpayer."

Several other amendments offered by Crapo during the markup of the Senate's blueprint were also included in the final version.  Among them are, a measure to limit Congress' ability to use the Crime Victims Fund as a way to mask the cost of unrelated programs and a provision that, for the first time, puts the Senate on record in support of ending the controversial U.S. Department of Justice program known as Operation Choke Point.  This DOJ-led initiative has resulted in legitimate, law-abiding businesses, including gun and ammunition manufacturers, being denied access to essential banking services.  Crapo-language that addresses the flawed way the federal government budgets for and pays to fight catastrophic wildfires was also included.

According to projections from the non-partisan U.S. Congressional Budget Office, the budget 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 budget would reach a surplus in the tenth year and would achieve $4.4 trillion more in deficit reduction than the President's proposal.  Additionally, projections show that by 2025, more than 1.3 million additional jobs would exist nationwide under the new agreement.

For a summary of the budget, click here .