Early Saturday morning, the Senate passed its budget resolution in a 51-48 vote.
Go Deeper: The Senate’s resolution takes a two-step approach—addressing border security and energy policy now, with a separate tax policy bill to follow.
- It relies on a current-policy baseline, which assumes the 2017 Trump tax cuts, set to expire this year, are extended indefinitely with no additional cost.
- This assumption allows for an additional $1.5 billion in tax cuts.
- However, it is subject to final confirmation from the Senate Parliamentarian.
Meanwhile, the House passed their “one big beautiful bill” on February 13, a comprehensive package that includes tax, border, and energy policies.
- Their proposal allows for $4.5 billion in tax cuts, which is not enough to cover a permanent extension of President Trump’s 2017 Tax Cuts and Jobs Act.
What They’re Saying: Senate Finance Committee Chairman Mike Crapo (R-ID) said to a media outlet that, “Senators have submitted about 200 additional tax ideas to him, such as an expanded LIHTC…the final bill won’t include all of these proposals, but some will get in.”
What’s Next: House Speaker Mike Johnson aims to bring the Senate bill to a vote in the House on Wednesday, before the Easter recess. While significant differences between the House and Senate versions remain, this moves Congress closer to finalizing the budget by Memorial Day.
