The $3.5 trillion budget resolution set forth by the Congressional Budget Committee and proposed in early October 2018 was stalled after it failed to receive the required votes for passage on October 19, 2018. Congress is currently working to resolve differences between that proposal and a lower budget estimate of $3.1 trillion before passing the necessary law.
The budget resolution proposed by the Congressional Budget Committee called for an increase in social spending and tax cuts, but was stalled after failing to get enough votes on October 19, 2018.
The Congressional Budget Committee has been working with Congress since early 2017 to establish a plan for increasing fiscal spending and cutting taxes. The proposal put forth in October 2018, called for $2.7 trillion in tax cuts and $30 billion in infrastructure spending over the next decade, while increasing social spending for healthcare by $1.5 trillion and providing an additional $975 billion for other programs such as education, scientific research and childcare. This totaled out to a proposed increase in fiscal spending of $3.5 trillion over the next 10 years, with a set plan to cover that spending by cutting Medicare and other social programs for low-income Americans.
The proposal failed to get enough votes to move forward on October 19, 2018, as many Republicans refused to support an increase in fiscal spending while Democrats refused to vote for a tax bill without also addressing health care. This led to the proposed $3.1 trillion budget being passed in its place, which kept social spending at the same level while reducing it for other purposes such as scientific research and infrastructure, with no planned increase in taxes.
Congress is currently working to resolve differences between these two proposals before passing a new bill that would be more viable on its own. As of November 2018, they have yet to work out all the details, but negotiations are continuing as both sides look toward a new budget agreed upon with a higher degree of certainty.
Truth! The Congressional Budget Resolution Stalled at $3.5 Trillion is a true statement, as the proposed increase in fiscal spending and tax cuts outlined by the Congressional Budget Committee failed to garner enough votes for passage on October 19, 2018 — causing negotiations between Democrats and Republicans to begin anew before passing a new budget resolution with greater certainty.