On Wednesday, the House of Representatives approved the budget plan, which determines the basis for extending the tax cuts of President Donald Trump for 2017, despite the opposition of all Democrats and two Republicans who fear the plan will not reduce spending enough.
Voting with a result of 216 to 214 in the House of Representatives is an initial step, but it is necessary to allow Republicans to circumvent the democratic opposition and agree to tax legislation throughout the party’s lines later this year.
Republicans will show these tax cuts in the coming months.
On Thursday, the legislation is equivalent to a wide budget project, which includes a few details.
It will reduce taxes by about $ 5 trillion and add about $ 5.7 trillion to the debts of the federal government in the next decade.
Mayor Mike Johnson was hoping to be approved on Wednesday, but he stopped the procedure when some Republican enrichment specialists did not object to the plan that spending is sufficient. With the majority of 220 chairs in 213, Johnson has a mistake.
The legislation, which was approved in the Senate on Saturday, requires at least $ 4 billion in spending cuts. This is much lower than a previously approved previous version requires discounts of $ 1.5 trillion.
The Senate Republicans say the amount of $ 4 billion is simply the minimum that does not prevent Congress from agreeing to spending much higher in the coming months. But some conservatives in the room say they are hesitant to vote in favor of legislation that does not include a greater goal.
Johnson and the Senate leader, John Thun, tried to overcome these concerns before voting, saying they are aiming to find greater discounts in spending in the coming months.
“We will definitely do everything we can to be as aggressive as possible,” said Thun.
Before voting, some Republicans said they needed to allocate ideological concerns to give Trump tax discounts an opportunity to succeed.
“I am not interested in your philosophical intimate, and I do not care how bold and dramatic legislation is, if you never reach the president’s table, you will never become a law,” said Republican deputy Frank Lucas from Oklahoma.
Trump asked Republicans in the House of Representatives to vote for them.
“Great news!” The big and beautiful project “works very well. Republicans work together very well. The largest tax reduction in the history of the United States !!! It is approaching social media.
The draft law will extend the 2017 tax cuts, which was the main legislative collection of Trump in the first chapter.
He also suggested additional tax exemptions for additional work salaries, advice and social security benefits. Non -Hamid analysts say this may raise the cost of the bill to more than $ 11 trillion.
Congress Republicans also intend to use the budget project to increase debt ceiling in the federal government, which should be done at some point this summer, or the risk of failure to pay the federal debt of $ 36.6 trillion.
The battle between the two parties occurs amid chaos in the financial markets caused by the imposition of Trump’s tariff on imported products. The chances of shrinkage from the American economy as a result of a global trade war, as designed by some economists, resonated in the discussion of Congress budget due to the possibility of revenue in the economic recession.