Top Investing Today
  • Investing
  • Politics
  • Stock
  • Economy
  • Editor’s Pick
  • Investing
  • Politics
  • Stock
  • Economy
  • Editor’s Pick
No Result
View All Result
Top Investing Today
No Result
View All Result
Home News

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

BoldThemes by BoldThemes
February 14, 2025
in News, Politics
0
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

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
Previous Post

Senate Majority Leader Thune says this is the reason why he and Trump are working well together

Next Post

How Saudi Arabia’s crown prince became a central player in US-brokered peace talks between Russia and Ukraine

BoldThemes

BoldThemes

Next Post

How Saudi Arabia's crown prince became a central player in US-brokered peace talks between Russia and Ukraine

  • Trending
  • Comments
  • Latest
The Connectivity Standards Alliance Product Security Working Group Launches the IoT Device Security Specification 1.0

The Connectivity Standards Alliance Product Security Working Group Launches the IoT Device Security Specification 1.0

March 19, 2024
Israel says UN ‘deceiving’ world over aid delays to Gaza

Israel says UN ‘deceiving’ world over aid delays to Gaza

March 28, 2024
Conservative backlash to Israel aid bill could force Johnson to seek Democrat support again

Conservative backlash to Israel aid bill could force Johnson to seek Democrat support again

February 6, 2024
Gold and Silver Set to Smash Records: Could 2024 Be Their Biggest Year Yet?

Gold and Silver Set to Smash Records: Could 2024 Be Their Biggest Year Yet?

May 17, 2024
Smart Strategies for Reducing the IoT Attack Surface

Smart Strategies for Reducing the IoT Attack Surface

0
Amid growing criticism of Biden foreign policy, experts credit wins while leaving room for improvement

Amid growing criticism of Biden foreign policy, experts credit wins while leaving room for improvement

0
Conservative backlash to Israel aid bill could force Johnson to seek Democrat support again

Conservative backlash to Israel aid bill could force Johnson to seek Democrat support again

0
Precision Manufacturing For Sensitive Equipment With CNC Machining

Precision Manufacturing For Sensitive Equipment With CNC Machining

0
Smart Strategies for Reducing the IoT Attack Surface

Smart Strategies for Reducing the IoT Attack Surface

May 14, 2025

Key Biden agency dropped $60K on overseas conference with DEI workshop: ‘Should never happen’

May 14, 2025

‘DOGE caucus is dead,’ House Democrat declares

May 14, 2025

Trump says ‘there’s something wrong’ with top Democrat he’s known ‘a long time’

May 14, 2025
Enter Your Information Below To Receive Trading Ideas and Latest News

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Recent News

    Smart Strategies for Reducing the IoT Attack Surface

    Smart Strategies for Reducing the IoT Attack Surface

    May 14, 2025

    Key Biden agency dropped $60K on overseas conference with DEI workshop: ‘Should never happen’

    May 14, 2025

    ‘DOGE caucus is dead,’ House Democrat declares

    May 14, 2025

    Trump says ‘there’s something wrong’ with top Democrat he’s known ‘a long time’

    May 14, 2025
    • About Us
    • Privacy Policy
    • Terms & Conditions
    • Contact

    Copyright © 2024 Topinvestingtoday.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Politics
    • Stock
    • Economy
    • Editor’s Pick

    Copyright © 2024 Topinvestingtoday.com. All Rights Reserved.