The Republican-controlled US Senate Budget
Committee, in a crucial step forward for tax
reform legislation, on Friday released a fiscal
resolution that would allow tax
cuts to lose up to $1.5 trillion in revenue over the next decade.
The measure, which could be marked up for a full Senate vote next week, is vital to Republican
plans to move tax
reform legislation through the Senate via a special parliamentary process that would allow Republicans to pass legislation without a customary 60-vote margin.
Republicans control the Senate by only a 52-48 margin and are unlikely to get much support from Democrats, if any.
"The Senate budget
resolution drafted by Budget
Committee Chairman Mike Enzi
is a critical step to advance President Trump's agenda to provide tax
relief for the middle class and unleash economic prosperity for all Americans," White House budget
director Mick Mulvaney said.
"I urge the Senate to pass this resolution and come to a swift agreement with the House so President Trump can sign America-first tax
relief into law this year," Mulvaney said in a statement.
Republicans in the Senate and House of Representatives are moving quickly to adopt a budget
resolution in hopes of enacting tax
legislation before January.
The House is due to vote on its own resolution next week.
A unified version would have to be hammered out in a bicameral conference and approved by both chambers before the measure could take effect.
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