03/20/2025

House, Senate Leaders Differ on Timeline for Tax Bill

The two chambers seek significant differences in what they want in the bill

House and Senate leaders are facing challenges in reaching an agreement on a tax and spending bill as they focus on the reconciliation process. House Republican leadership are pressing for a House-Senate budget resolution for reconciliation that can be considered the week of April 7, according to Punchbowl News. 

However, significant differences remain between the two chambers over how to address the expiration of $4.7 trillion in tax cuts set to expire at the end of the year.

House Speaker Mike Johnson (R-LA) has emphasized the urgency of advancing the bill, while Senate Majority Leader John Thune (R-SD) has expressed caution about the accelerated timeline, warning that rushing the process could lead to unintended consequences.

"Both of us understand we’ve got to get this done. And we're trying to figure out the best way to do that," Thune said to Punchbowl News. "There is no easy way to explain. This is just a long, arduous process. But we'll get there."

Negotiations are ongoing, with discussions centered on extending the tax cuts while addressing spending priorities. House conservatives advocate for deeper spending reductions, whereas Senate moderates prefer a more measured approach. 

The White House has also urged lawmakers to find a balanced solution that minimizes economic risks.

This article was provided to OSAP by ASAE's Power of Associations and Inroads.