A federal spending bill that would include more than $600 billion in tax cuts is supported by Congressman Sam Graves (R-Missouri). Congress is expected to vote on the $1.14 trillion measure this week.
“It tries to get us back to a balanced budget within the next few years,” said Graves.
The bill would include extending through 2019 a corporate tax break that allows companies to more quickly depreciate the value of new equipment, permanently extending a child tax credit and earned income tax credit.
“It does the things that we need to do,” said Graves. “Some of those are some pretty tough decisions, but we have to make some cuts. That’s all there is to it. We can’t continue to sustain the runaway spending that has been the way it was done in the past.”
The measure would also include a four-decades-old ban on exporting U.S. crude oil and an increase in domestic spending.
Defense spending would increase to $572.7 billion, which would include an additional $1.3 billion for operations to counter the Islamic State group. The Obama administration recently announced that 9,800 troops will remain in Afghanistan through most of 2016.
The spending package would keep the government funded through next September.