The House passed its Fiscal Year 2018 budget Thursday, equipped with reconciliation instructions for tax reform, allowing GOP lawmakers to move forward with their plans to overhaul the tax code.
Leadership was able to secure the votes needed to pass the measure last week, following the release of the Republican tax reform framework. House conservatives were previously hesitant to get on board, due to the lack of detail received ahead of the release the outline released by the “Big Six,” which includes Senate Majority Leader Mitch McConnell, House Speaker Paul Ryan, House Ways and Means Committee Chairman Kevin Brady, Senate Finance Committee Chairman Orrin Hatch, Treasury Secretary Steven Mnuchin and White House Economic Adviser Gary Cohn.
House conservatives were previously hesitant to get on board due to the lack of detail received on the plan, but the outline released by the Big Six provided enough specifics to sway members of the House Freedom Caucus.
While the House budget calls for $200 billion in mandatory cuts, the upper chamber’s blueprint allows a $1.5 trillion increase to the deficit over the course of a decade, providing members with some wiggle room to move forward with their plans for steep tax cuts.
The Senate Finance Committee is slated to mark up its budget Thursday.
The reconciliation bill will allow the GOP to pass the measure without the threat of a Democratic filibuster.
Republicans are looking to pass tax reform legislation before the end of the year.
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