The Senate Budget Committee released a fiscal 2018 budget resolution Friday that paves the way for tax cuts by increasing the deficit by as much as $1.5 trillion.
On Wednesday, Republicans unveiled a tax framework calling for lower individual and corporate tax rates and eliminating most standard deductions but protecting tax incentives for retirement savings. Senate and House tax-writing committees will use the nine-page framework as they draft legislation.
The Senate budget committee will mark up the resolution next week and then it goes before the full Senate for a vote in mid-October.
The resolution calls for limiting discretionary spending for the fiscal year that begins Oct. 1 to $549 billion for defense and $516 billion for non-defense, in line with spending caps already in place.
Caps set in a House budget resolution are $621.5 billion for defense and $511 billion for non-defense discretionary spending, which will require reconciliation between the two chambers before tax committees can technically begin filling in the details of the tax framework.
