02/12/2025

House Republicans Unveil Blueprint to Extend $4.5 Trillion in Tax Cuts

They also want to lift the debt ceiling again

Today, House Republicans released a budget plan that sets the stage for advancing many of President Donald Trump’s top domestic priorities, providing for up to $4.5 trillion in tax cuts and a $4 trillion increase in the debt limit so that the U.S. can continue financing its bills.

The budget plan also directs a variety of House committees to cut spending by at least $1.5 trillion while stating that the goal is to reduce spending by $2 trillion over the next 10 years. The blueprint represents a first step in a lengthy legislative process that would allow Republicans to pass some of their top priorities in a simple majority vote. The House Budget Committee is expected to hold votes on the plan on Thursday. House Speaker Mike Johnson predicted it would easily advance out of committee.

House Democrats were harshly critical of the budget plan. Senate Democratic Leader Chuck Schumer and House Democratic Leader Hakeem Jeffries held a joint press conference and accused Republicans of not taking action to lower costs for everyday Americans since securing the White House and both chambers of Congress.

Please select this link to read the complete article from The Associated Press.