US House of Representatives Approves a $4T Fiscal 2018 Bill
The U.S. House of Representatives Thursday approved a $4 trillion fiscal 2018 budget blueprint, a major step forward toward the introduction of a Republican tax cut bill.
The measure narrowly passed (216-212) despite last-minute resistance from the ranks of Republicans.
House passage makes enactment of an eventual tax bill more likely in the Senate, although decisions on numerous thorny issues lie ahead.
Approval of the budget resolution was a victory for President Donald Trump and Republican congressional leaders, who have vowed to rewrite the tax code, a feat that has not been accomplished in more than four decades.
“President Trump has always made cutting taxes for hard-working American families, creating more jobs for American workers, and simplifying the rigged and burdensome tax code a priority, and he looks forward to further cooperation with Congress to advance the Administration’s pro-growth and pro-jobs agenda,” the White House said in a statement.
Democrats oppose plan
The Republican plan is opposed by Democrats, who contend it would benefit primarily the wealthy and corporations.
“The struggle Republicans had in passing the budget shows how uncomfortable many of them are with eliminating the state and local deduction. In the weeks ahead, Democrats will do everything we can to preserve it and work to defeat any tax proposal that favors the wealthy few over the middle class many,” Senate Minority leader Chuck Schumer said in a statement.
