Senate Republicans release budget blueprint with new tax cuts and a $5 trillion debt limit hike
Senate Republicans released a new budget blueprint Wednesday that would pave the way for $1.5 trillion in new tax cuts in addition to making President Donald Trump’s 2017 tax cuts permanent.
WASHINGTON — Senate Republicans released a new budget blueprint Wednesday that would pave the way for $1.5 trillion in new tax cuts in addition to making President Donald Trump’s 2017 tax cuts permanent.
They hope to adopt the plan in the coming days to instruct committees to begin work a massive bill to pass Trump’s agenda on taxes, immigration funding and other priorities. Senate Republicans are using the budget “reconciliation” process to evade the 60-vote hurdle in the chamber, where they hold a 53-47 majority, and cut Democrats out of the process.
Republicans are using a controversial new accounting method known as “current policy baseline” to score the cost of a Trump tax cut extension at $0. Democrats have slammed it as “magic math” that papers over the multitrillion-dollar cost of extending those tax cuts and are exploring their options to challenge the approach.
The Senate GOP budget resolution includes a $5 trillion debt limit increase.
It is a revised version of a previous budget plan that excluded taxes. Trump has pressured Republicans to pass his agenda in “one big, beautiful bill,” aligning with the House’s approach.
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