The Republican House Budget resolution out Wednesday reveals the Ways and Means Committee will get $4.5 trillion to lock in tax cuts, one of President Donald Trump‘s major proposals.
The GOP also seeks an increase in the debt limit by $4 trillion, the resolution says.
The plan, which includes a substantial increase in the debt limit, highlights the party’s commitment to making permanent the tax cuts enacted during the Trump administration.
Why It Matters
Republicans are divided on how to move forward with Trump’s policies during the ongoing budget reconciliation process. Some favor a single comprehensive bill that includes as much of Trump’s agenda as possible, while others prefer two separate bills that would deliver incremental victories for the president.
House Republicans are at odds over uniting around a comprehensive legislative package that covers border security, energy policy, and tax measures. The Freedom Caucus’ move to introduce its own tax plan has further deepened divisions, complicating efforts to advance the proposal backed by House Ways and Means Chair Jason Smith, a Republican from Missouri.
AP
What To Know
The newly released House GOP resolution proposes a $4 trillion debt ceiling increase while allocating $4.5 trillion in new deficits for the tax-writing Ways and Means Committee. This move aims to extend tax cuts
