Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Politics

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

by February 14, 2025
February 14, 2025

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
Tax-free shopping cut costs London’s West End £640m in lost sales
next post
Government urges public sector buyers to award more contracts to small businesses

You may also like

Secret meeting between US, Israel, UAE held to...

July 23, 2024

President-elect Trump has considered buying Greenland: Here’s every...

November 20, 2024

AI enabling Iran’s crackdown on women as authoritarian...

June 8, 2024

Vaxxed and “Boosted Within an Inch of (Her)...

November 21, 2022

Houthis vow to keep attacking ships in Red...

December 20, 2023

Top California Dem silent amid backlash following controversial...

March 23, 2023

LOCK HIM UP: Fauci’s Agency Has Tortured Animals...

December 5, 2022

Last Minute Christmas Specials For The Whole Family...

December 13, 2022

Vance hits campaign trail as Harris team scrambles...

July 22, 2024

McConnell asserts Biden’s ‘clear authority’ for Iran airstrikes,...

January 26, 2024

    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.

    Recent Posts

    • Zenger at 290: The Jury’s Duty to Say No to Government Oppression

      August 4, 2025
    • What Is SameAgeDates? A Closer Look at Presence‑Driven Dating

      August 4, 2025
    • Cryptocurrency Trading: Five Strategies to Strengthen Your Position as a Reputable Broker

      August 4, 2025
    • UAE’s World’s Safest Country Ranking Creates ‘Safety Premium’ in Real Estate Market

      August 4, 2025
    • GOP memo preps House Republicans to tout Trump’s ‘big, beautiful bill’ as Dems go on offense

      August 4, 2025
    • Cornyn takes swing at James, Schiff with new LETITIA Act targeting ‘crooked politicians’

      August 4, 2025

    Categories

    • Business (8,661)
    • Investing (2,171)
    • Politics (16,296)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved