The Republican-led Senate has approved a significant budget framework, edging closer to a multi-trillion dollar plan crucial for President Trump's agenda, which includes defense, energy, immigration, and tax policy reform. The 51-48 vote sets the stage for extending tax cuts from the 2017 Tax Cuts and Jobs Act, critical to avoid impending tax hikes. The Senate plan differs from the House's by addressing deficit cuts through spending reductions, revealing divisions in approaches. As lawmakers prepare to move ahead, the focus remains on aligning both chambers' budget resolutions for reconciliation.
"This resolution is the first step toward a final bill to make permanent the tax relief we implemented in 2017 and deliver a transformational investment in our border, national, and energy security," said Senate Majority Leader John Thune.
The Senate plan's emphasis on extending the 2017 tax cuts is crucial as it aims to prevent a coming tax hike for millions of Americans once those cuts expire.
Both chambers of Congress are under pressure to align their budget frameworks, especially since the House has proposed a lower tax cut figure while addressing the deficit differently.
Republicans are banking on the new $1.5 trillion in tax cuts to fulfill campaign pledges like eliminating taxes on tips, despite internal disagreements in the House.
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