Work on the Hill
As February comes to an end, Republican leadership in the House and Senate continue to move forward with their plans to pursue their tax and spending priorities using the budget reconciliation process. The first step in that process is for Congress to pass a budget resolution with instructions for Congressional committees to approve policy changes that achieve the spending and revenue targets in the budget.
On February 13, the House Budget Committee voted to approve a budget resolution in a party line vote (21-16). The resolution directs the House Ways & Means Committee to produce tax legislation that increases the deficit by no more than $4.5 trillion. However, that number may be reduced if the other authorizing committees cannot generate savings of at least $2 trillion. Overall, the plan allows for an increase of up to $3.3 trillion in the deficit over a decade.