Takeaways
- House Republicans have finalized a comprehensive budget reconciliation bill focused on tax cuts, energy policy reversals, and federal program reforms.
- The bill proposes permanent extensions and enhancements to individual and business tax provisions originally enacted in 2017.
This week, the final Congressional committees completed their work on the budget reconciliation instructions, addressing key issues related to taxes, healthcare, and safety-net programs. The various House committees' work will now be compiled into a single bill, which will be debated in the full House of Representatives next week. This timeline aligns with Speaker Mike Johnson's goal for the House to complete its budget reconciliation work before Memorial Day.
Once the House approves its budget reconciliation measure, the Senate will take up the measure and make changes to the House-passed bill. This will require the House to vote on the measure again before it can be sent to the President for his signature and become law. Instead of holding separate markups, Senate Republicans are expected to negotiate with their House counterparts to finalize an agreement that can pass in both chambers. It is worth noting that the budget reconciliation process allows for the passage of significant fiscal measures with a simple majority vote, avoiding the filibuster in the Senate.
The House bill will form the basis for negotiations between House and Senate Republicans. Please click below for an outline of the major provisions approved by House Committees, which are expected to be included in the budget reconciliation bill, dubbed "The One, Big, Beautiful Bill," and considered by the House next week.
One, Big, Beautiful Bill
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