The vote, following an all-night legislative session, unlocks a maneuver that will allow Republicans to bypass the Senate's filibuster and pass the tax cuts later this year without Democratic votes.
The measure also aims to raise the federal government's debt ceiling by $5 trillion, a move Congress has to make by summer or risk defaulting on $36.6 trillion in debt. It aims to partly offset the deficit-raising costs of tax cuts by cutting spending. Democrats have warned that Republican targets would imperil the Medicaid health insurance program for low-income Americans.
“The average taxpayer would see a 22% tax hike. A family of four making $80,610, the median income in the United States, would see a $1,695 tax increase,“ Graham said. The 2017 cuts, Trump's signature legislative achievement in his first term, cut the top corporate tax cut to 21% from 35%, a move that is not set to expire.
“The Republican bill that now sits before the Senate is poison,“ Senate Democratic Leader Chuck Schumer, of New York, said on Friday. “But as Americans learn that Republicans are doing it simply to give tax cuts to the ultra-rich, an electric shock is going to go through the American people.”
Hanging over the debate, which began late on Thursday, was a brutal stock market sell-off following Trump's sweeping new trade tariffs, which economists warned will drive up prices and could trigger a recession.
It is now up to the House to debate and possibly tinker with this complicated measure.
“On the one hand it appears as if all this great savings is happening. But on the other hand, the resolution before us will increase the debt by $5 trillion. So which is it? Are we cutting spending or are we expanding the debt?”
That, said independent Senator Bernie Sanders of Vermont who caucuses with the Democrats, “would make a bad situation worse by throwing millions of kids off the health care that they have.”
If House Republicans get their way, there could be net spending cuts in the range of $2 trillion.
The budget blueprint would also make room for increased security measures at the southwest border with Mexico and administration efforts to significantly ramp up immigrant deportations.
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