House Republicans unveil blueprint to extend $4.5 trillion in tax cuts
WASHINGTON — House Republicans released a budget plan Wednesday that sets the stage for advancing many of President Donald Trump’s top domestic priorities, providing for up to $4.5 trillion in tax cuts and a $4 trillion increase in the debt limit so the U.S. can continue financing its bills.
The budget plan also directs a variety of House committees to cut spending by at least $1.5 trillion while stating that the goal is to reduce spending by $2 trillion over 10 years.
The blueprint represents a first step in a lengthy legislative process that would allow Republicans to pass some of their top priorities in a simple majority vote. The House Budget Committee is expected to hold votes on the plan on Thursday. House Speaker Mike Johnson predicted it would easily advance out of committee.
“Then, we’ll work with everybody over the week to make sure they are on board,” Johnson said.
Johnson has set an ambitious schedule for moving the resolution and subsequent legislation, but tensions remain within the Republican conference about the scope of the proposed tax and spending cuts. Some want more in tax cuts than what is in the blueprint while others want steeper spending cuts.
“There’ll be a lot of negotiations back and forth,” Johnson said. “There’s a lot of moving parts to this, but our objective is to fulfill all the president’s campaign promises and the full agenda, so we have time to do that.”
Budget resolutions are often considered statements of priorities. But the 45-page plan is more than just a policy blueprint as it provides specific directions to House committees to rearrange the federal money flow. GOP leaders are eyeing cuts to social services, and particularly Medicaid, as they seek massive savings.
The Energy and Commerce Committee, which handles health care spending, is asked to cut $880 billion over the decade, while the Education and Workforce Committee is asked to reduce spending by $330 billion. The Agriculture Committee is asked to save $230 billion, while the Transportation and Infrastructure Committee is asked to find at least $10 billion in cuts through 2034.