President Donald Trump signed a two-year budget agreement that will boost federal spending by almost $300 billion and suspend the debt ceiling for a year, ending a brief partial government shutdown that began at midnight when lawmakers missed a funding deadline.
GOP leaders in the House are testing whether rank-and-file Republicans will support a stopgap funding measure to keep the government open that also would delay some Obamacare taxes and provide money for a children’s health insurance program, lawmakers said.
A pivotal moment in the Republican party’s drive for tax overhaul legislation came in September, when two GOP senators agreed that tax cuts could add $1.5 trillion to deficits over 10 years, said Senate Majority Leader Mitch McConnell.
Senate Republicans passed the most extensive rewrite of the U.S. tax code in more than 30 years, a bill that delivers a deep, permanent tax cut for corporations and shorter-term relief for individuals.
This week marks the last leg of Republicans’ push to revamp the U.S. tax code, with both the House and Senate planning to vote by Wednesday on final legislation before sending it to President Donald Trump.