WASHINGTON, D.C. Republicans in the U.S. House of Representatives released a fiscal 2018 budget plan on Tuesday that could pose a major new political test for President Donald Trump’s legislative agenda by combining tax reform with spending cuts.The $4 trillion blueprint would allow an overhaul of the U.S. tax code to pass Congress without support from Democrats, along with a partial repeal of the 2010 Dodd-Frank Wall Street reform law and $203 billion in savings from mandatory federal programs including food stamps over the next decade.Those changes and others would be combined in a single piece of legislation.The prospect of reduced benefits for the poor and major tax cuts for businesses and individuals is already a source of infighting between House Republican conservatives who want larger spending reductions and moderates who oppose them.In the Senate, a similar Republican battle over the repeal of Obamacare taxes on the wealthy and reduced health insurance benefits for lower-income Americans has helped sink health care legislation.The spending plan, which covers the fiscal year beginning Oct. 1, aims to move the government from a $472 billion deficit in 2018 to a $9 billion budget surplus in 2027.The change is based in part on a House Budget Committee forecast of U.S. economic growth of 2.6 percent annually that assumes future changes in tax, health care and financial laws, as well as deregulation. The nonpartisan Congressional Budget Office has forecast economic growth of 1.9 percent from 2017 to 2027.The House budget plan would include $621.5 billion in defense spending and $511 billion on nondefense discretionary spending in 2018.The House Budget Committee is expected to approve the plan later this week and send it to the House floor for a full vote.The plan is vital to Republican aims of overhauling the U.S. tax code while avoiding a Democratic filibuster in the Senate.The plan instructs 11 House committees to find savings from programs and policies they oversee, including taxes, financial regulation, food stamps and federal pensions.The instructions would allow final legislation to pass the Senate with a simple majority through a parliamentary process know as reconciliation. Republicans control the Senate by a 52-48 margin. Without reconciliation, tax reform would require 60 Senate votes.
WASHINGTON, D.C. President Donald Trump’s eldest son eagerly agreed last year to meet a woman he was told was a Russian government lawyer who might have information incriminating Democratic rival Hillary Clinton as part […]
RESEARCH TRIANGLE PARK – GlaxoSmithKline’s global head of pharmaceuticals, Abbas Hussain, is to leave Britain’s biggest drugmaker after being passed over for the top job and will be replaced by Luke Miels from AstraZeneca. Hussain, […]
NEW YORK/WASHINGTON, D.C. U.S. stocks opened at record intraday highs on Wednesday, with the Dow breaching the 21,000 mark for the first time ever as President Donald Trump’s speech reassured investors and bank stocks […]