Trump vows "biggest" tax cuts in history after Senate OKs budget
President Trump on Friday morning applauded Senate Republicans for passing a budget resolution Thursday night, which paves the way for tax reform.
Mr. Trump wrote about it on Twitter, noting that the only defection came from Sen. Rand Paul, R-Kentucky, whom he said would ultimately vote in favor of tax cuts.
The Budget passed late last night, 51 to 49. We got ZERO Democrat votes with only Rand Paul (he will vote for Tax Cuts) voting against.....
— Donald J. Trump (@realDonaldTrump) October 20, 2017
The president said that the passage of the non-binding measure allows for the passage of tax reform.
....This now allows for the passage of large scale Tax Cuts (and Reform), which will be the biggest in the history of our country!
— Donald J. Trump (@realDonaldTrump) October 20, 2017
House Republicans passed its budget proposal earlier this month. There are significant differences between the two GOP budget plans. The Senate budget would direct the Senate Finance Committee to find $1.5 trillion in tax cuts over the next decade and relies on a single committee, the Senate Energy and Natural Resources Committee, to reduce the deficit by $1 billion over that period. The House budget, by contrast, contains reconciliation instructions to 11 different committees and directs them to find at least $203 billion in savings and reforms to mandatory programs.
The budget reconciliation process would allow tax reform to pass in the Senate with only 51 votes rather than being subject to the 60-vote filibuster.
Either the House will pass the Senate's bill or the two chambers will have to reconcile the differences, potentially in a conference committee.