Insiders Advisor
  • Stocks
  • World News
  • Business
  • Politics
  • Stocks
  • World News
  • Business
  • Politics

Insiders Advisor

Politics

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

by 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
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

Related Posts

Biding Time: Trump assassination attempt overshadows calls for...

July 18, 2024

Musk is not DOGE employee, has no more...

February 18, 2025

House Pentagon funding bill would ban transgender treatments...

December 12, 2024

Biden admin should check Hamas’ Ministry of Health...

May 7, 2024

James Biden ‘contradicted’ himself during testimony on brother’s...

February 22, 2024

Navarro brushes off feud with Elon Musk: ‘Boys...

April 13, 2025

Time for Israel to take out ‘head of...

June 14, 2025

Harris’ favorability sees dramatic spike after Biden drops...

July 28, 2024

Conservatives rally around ‘rock star’ Leavitt after first...

January 28, 2025

Pete Hegseth heads to Capitol Hill for fiery...

January 14, 2025

    Fill Out & Get More Relevant News


    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Latest News

    • Israel’s actions against Iran create strategic opportunity for US in nuclear talks, experts say

      June 14, 2025
    • Israel strikes at the heart of Iran’s nuclear ambitions in Isfahan offensive

      June 14, 2025
    • Time for Israel to take out ‘head of the snake,’ target members of Iranian regime, says former IDF intel chief

      June 14, 2025
    • Israeli official vows ‘We have more surprises coming up’ for Iran following wave of airstrikes

      June 14, 2025
    • ‘All-in’: GOP lawmakers divided on US involvement as Trump pushes Iran for diplomatic end

      June 14, 2025
    • Democratic lawmakers criticize Israel’s defensive strikes against Iran’s nuclear sites

      June 13, 2025

    Categories

    • Business (1,261)
    • Politics (5,978)
    • Stocks (904)
    • World News (457)
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: insidersadvisor.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 © 2024 insidersadvisor.com | All Rights Reserved