GOP Set To Release Budget With Tax Reform Reconciliation Instructions

U.S. President Donald Trump waves to supporters as he arrives at the U.S. Women's Open golf tournament at Trump National Golf Club in Bedminster New Jersey

Almost three months behind schedule and wracked by often bitter dissension within its ranks, the Republican controlled House Budget Committee finally hammered out a new fiscal 2018 budget resolution Wednesday night vital to the GOP's prospects of salvaging its tarnished legislative agenda this year.

But House and Senate Republicans are deeply divided over numerous details of the emerging budget document, which will complicate matters enormously when they try to race the clock this fall in passing individual appropriations bills or an "omnibus package" of spending to prevent a government shutdown or a first-ever default on US debt.

"With the election of President Trump, our budget goes from being a vision document to being a governing document that outlines how we build a better America for our children and grandchildren", said committee Chairman Diane BlackDiane BlackHouse committee advances budget resolution Debate rages in GOP over 3 billion in cuts House GOP releases.1 trillion budget MORE (R-Tenn.), who praised the accompanying plan to balance the budget in a decade and reduce the national debt. The first hurdle, however, is for the resolution to pass the entire House of Representatives. Unless negotiations bear fruit by the end of next week, the odds of significant action on tax reform - already an extremely hard legislative task to complete before the end of the year - will dim even further.

Its repeal is viewed by critics, including some moderate Republicans, as a tax cut for the wealthy since the tax hits individuals who earn more than $200,000 a year and married couples with more than $250,000 in earnings.

"People need to remember that reconciliation is a train auto, and you're just voting to have a train vehicle".

"Otherwise, you're going to be held hostage to 7 or 8 votes out of 535, which isn't fair either", the Ohio Republican said. As with health care, the question is then whether Republicans can get enough support to push through something they've hoped to accomplish for years.

Those cuts would be tied to a Republican tax reform proposal that, in early proposals, eliminates the deduction for state and local taxes - one that's especially beneficial to New Yorkers, given the state's high tax rates.

"We're going to have a credit downgrade for sure without recurring revenue", said House Minority Leader Frank Dermody, D-Allegheny. "We're not making that same mistake twice".

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Members demanding tax reform details before agreeing to vote for the budget "isn't a fair understanding of the process", Rep. Kenny Marchant (R-Texas) told reporters July 18. According to them, the proposed budget resolution is oblivious of the political realities that exist.

But conservatives are confident they can do just that. But it is still below the $668 billion that the conservative House Republican Study Committee had sought.

The House budget proposes reducing spending on entitlement programs such as Medicare by $203 billion next year, instructing 11 House committees to find ways to reduce spending.

While exempting Social Security, veterans and defense, the plan proposes cuts across the rest of the budget to turn this year's projected $700 billion-or-so deficit into a tiny $9 billion surplus by 2027.

If the proposal clears the committee it's unclear when the full House will vote on it because GOP leaders are still gauging internally whether they have the votes to pass it. Democrats are already blasting the proposal and are expected to oppose it so Republicans can't risk losing more than roughly 20 votes in order to approve the budget.

But delaying the budget while a tax package is negotiated puts the entire process on unsteady ground.

New York Rep. Tom Reed, also a Ways and Means member, said he would like to see a bipartisan tax overhaul.

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