Stocks Flux
  • Business
  • Politics
  • Latest news
  • World News
  • Business
  • Politics
  • Latest news
  • World News

Stocks Flux

Politics

Trump budget bill with $4.5T in tax cuts survives key hurdle despite House GOP infighting

by admin February 14, 2025
February 14, 2025
Trump budget bill with $4.5T in tax cuts survives key hurdle despite House GOP infighting

A mammoth bill advancing a broad range of President Donald Trump’s policy goals survived a key hurdle on Thursday, putting Republicans closer to their goal of passing a bill by sometime in May.

The legislation passed the House Budget Committee on a party-line 21 to 16 vote and is expected to be taken up by the entire chamber for a floor vote later this month.

It comes despite eleventh-hour negotiations that had the bill’s eventual passage in question even as the committee met to discuss the text on Thursday morning.

The 45-page resolution directs various House committees to find a sum of at least $1.5 trillion in spending cuts, with $300 billion in new spending allocated toward the border, national defense and the judiciary. 

It also directs $4 trillion toward raising the debt limit, and it includes $4.5 trillion to extend Trump’s 2017 Tax Cuts and Jobs Act (TCJA) and other tax provisions pushed by the president for the next 10 years.

House and Senate Republicans are aiming to use the budget reconciliation process to pass a broad range of Trump policy goals, from border security to eliminating taxes on tipped and overtime wages.

By lowering the threshold for passage in the Senate from two-thirds to a simple majority, it will allow the GOP to use their razor-thin majorities to get legislation signed into law with zero Democratic support, provided the measures included relate to the budget and other fiscal matters.

Conservative spending hawks on the House Budget Committee had demanded assurances that Republicans would seek to cut spending as deeply as possible in the reconciliation process, particularly to offset new spending on Trump’s tax priorities.

House Budget Chairman Jodey Arrington, R-Texas, told reporters early Thursday afternoon that committee Republicans came to an agreement on an amendment that would win over holdouts, however.

The proposal would mandate a corresponding reduction in the $4.5 trillion tax allocation if Republicans failed to cut at least $2 trillion in spending elsewhere.

Conversely, if spending cuts exceeded $2 trillion, it would increase the amount of money directed toward tax cuts by the same amount.

‘The amendment that will come up is a good amendment,’ Rep. Ralph Norman, R-S.C., a Budget Committee fiscal hawk who had issues with the original text, told Fox News Digital. ‘It’s common sense. It’s doing what we said we’d be doing.’

The House advanced its proposal after being forced to punt the committee vote last week in the face of disagreements over where to set the baseline floor for spending cuts.

Senate Republicans advanced their own plan in the meantime, passing a narrower bill on Wednesday night that included new funding for the border and defense but would leave Trump’s tax cuts for a second package.

Speaker Mike Johnson, R-La., called that bill a ‘nonstarter’ in the House.

But while the House’s bill passed a critical test on Thursday, it’s just the first step in a long process.

Passing a budget resolution then sends instructions to other committees to seek cuts and policy changes in their respective jurisdictions, before those proposals are added back to one large bill.

The House and Senate must also agree on a compromise between their two versions and pass identical pieces of legislation before they can be sent to Trump’s desk.

Republicans have a three seat majority in the Senate and a one seat majority in the House, meaning they can afford precious little dissent among themselves to pass a final bill.

This post appeared first on FOX NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Head of UN watchdog says UNRWA hired people ‘who were supporting terrorism’
next post
Senate Majority Leader Thune says this is the reason why he and Trump are working well together

You may also like

Ukraine’s Zelenskyy says Trump lives in ‘disinformation space’...

February 19, 2025

Iran talks with Europeans set for Friday; White...

June 20, 2025

Trump wishes Biden ‘fast and successful recovery’ after...

May 19, 2025

Lasers, space radars, missile interceptors: Defense leaders lay...

March 23, 2025

Trump’s conservative allies warn Congress faces critical ‘test’...

June 7, 2025

The Hitchhiker’s Guide to House Republicans releasing their...

February 7, 2025

Trump says ‘something’s going to happen very soon’...

March 8, 2025

Bondi, Trump Cabinet convenes task force to root...

April 23, 2025

Trump AG nominee Pam Bondi advances to final...

February 4, 2025

Iran trying to bolster its ‘battered deterrence’ with...

March 19, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (326)
    • Latest news (10)
    • Politics (1,501)
    • World News (1,369)
    • About us
    • Contacts
    • Privacy Policy
    • Terms & Conditions

    Politics

    • Trump’s housing chief rips Powell for blowing millions on Fed facelift during housing crisis he perpetuates

      July 21, 2025
    • Trump celebrates 6 months back in office: US ‘totally revived’ after being ‘DEAD’ under Biden

      July 21, 2025
    • Biden admin spent hefty sum of US tax dollars to upgrade embassy swimming pools in Iraq, Russia

      July 21, 2025
    February 2025
    M T W T F S S
     12
    3456789
    10111213141516
    17181920212223
    2425262728  
        Mar »

    Copyright © 2025 stocksflux.com | All Rights Reserved