There appears to be broad consensus among House and Senate Republicans on the tax cuts to include in a reconciliation bill but they’re still debating spending cuts to offset the cost.
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President Donald Trump and congressional Republicans are negotiating a tax package that a budget watchdog group estimated could cost anywhere from $5 trillion to $11.2 trillion over the next decade.
A series of tax policy changes that Trump supports appear to have broad support among Republicans in Congress. The Committee for a Responsible Federal Budget has released a study that projects the cost of each item over a 10-year period. The possible tax changes are expected to be included in a budget reconciliation package, which allows the GOP to bypass the filibuster in the Senate, where they lack a 60-vote threshold. It is unclear at this time if the tax provisions will be passed in one large reconciliation bill or as part of a two-bill approach.
