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Today, the House of Representatives passed the Bipartisan Budget Act. Written by House Budget Committee chairman Paul Ryan and Senate Budget Committee chairman Patty Murray, the bill will provide $63 billion in temporary sequester relief and $85 billion in mandatory savings. It will eliminate waste, cut corporate welfare, and make needed reforms to autopilot spending. On net, the bill will reduce the deficit by $23 billion over the next ten years. The Senate will take it up next week.
Upon passage of the legislation, Chairman Paul Ryan of Wisconsin issued the following statement:
“I want to thank my colleagues on both sides of the aisle for supporting this bill. It reduces the deficit—without raising taxes. And it does so by cutting spending in a smarter way. It doesn’t go as far as I’d like, but it’s a firm step in the right direction.
“This agreement will stop Washington’s lurch from crisis to crisis. It will bring stability to the budget process and show both parties can work together.
“I want to thank Senator Murray for her hard work on this agreement. And I’m confident her colleagues in the Senate will pass this bill.”