Senate passes $4 trillion budget blueprint

U.S. & World
Mitch McConnell_359184

Senate Majority Leader Mitch McConnell, R-Ky., walks from the chamber to his office during a long series of votes at the Capitol in Washington, Thursday, Oct. 19, 2017. (AP Photo/J. Scott Applewhite)

WASHINGTON (AP) – The Senate has passed a $4 trillion budget blueprint that is a major step forward for President Donald Trump’s ambitious promises for “massive tax cuts and reform.”

The 51-49 vote sets the stage for debate later this year to dramatically overhaul the U.S. tax code, cutting rates for individuals and corporations while clearing away trillions of dollars’ worth of deductions and special-interest tax breaks.

The tax cuts would add up to $1.5 trillion to the deficit over the coming decade, however, as Republicans shelve worries about the growing budget deficit in favor of a once-in-a-generation opportunity to rewrite tax laws.

When reconciled with the House budget plan, the nonbinding measure would set up special procedures to pass follow-up tax legislation without the threat of a filibuster by Senate Democrats.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

NBC4 Jobs

Trending on NBC4i.com

Today's Central OH Forecast

More Forecast

Don't Miss

Alexa

Storm Team 4 on Alexa

W3Schools