Connect with us

Hi, what are you looking for?

Alive Business PlanAlive Business Plan

Investing

US Senate Republicans eye two-step Trump legislative agenda

By David Morgan

WASHINGTON (Reuters) – U.S. Senate Republicans are discussing a two-step plan to push ahead on President-elect Donald Trump’s agenda when they take the majority next year, starting with border security and energy before turning to tax cuts.

Incoming Senate Majority Leader John Thune, whose Republicans will hold a 53-47 majority, laid out the plan in a closed-door party meeting on Tuesday that included a call from Trump himself. It aims to use a parliamentary maneuver to bypass the chamber’s “filibuster” rule that requires 60 senators to agree to advance most legislation.

The first bill would focus on Trump’s agenda for border security, energy deregulation and defense spending, while the second would extend tax cuts from the 2017 Tax Cuts and Jobs Act passed during the first Trump presidency, which are due to expire next year.

Thune described the plan to reporters as “options, all of which our members are considering.”

To enact Trump’s agenda, the Senate will have to work closely with the president-elect and the House of Representatives, which is expected to have a razor-thin Republican majority.

The Republican chairs of the House Appropriations and Ways and Means committees, which will play a central role in passing the Trump agenda, declined to comment on the Senate plan.

“I have not seen what Leader Thune rolled out,” House Appropriations Chairman Tom Cole said.

Before moving the first bill, the House and Senate will need to agree on a budget resolution to unlock the “reconciliation” tool they plan to use to bypass the filibuster. Aides said senators hope to do that by the end of January and then move quickly to complete the first bill by March 31.

“We have the trifecta for two years. About 18 months is all we’re really going to have to really get things done,” Republican Senator Mike Rounds told reporters.

Democrats also leaned heavily on reconciliation to pass legislation when they held control of both chambers during the first two years of President Joe Biden’s term.

Republican Senator Rand Paul, a fiscal hawk, raised concerns about the plan’s cost.

“This is not a fiscally conservative notion,” Paul said. “So at this point, I’m not for it, unless there are significant spending cuts attached.”

Extending Trump’s tax cuts for individuals and small businesses will add $4 trillion to the current $36 trillion in total U.S. debt over 10 years.

Trump also promised voters generous new tax breaks, including ending taxes on Social Security, overtime and tip income and restoring deductions for car loan interest.

The tab is likely to reach $7.75 trillion above the CBO baseline over 10 years, according to the Committee for a Responsible Federal Budget, a non-partisan fiscal watchdog group.

This post appeared first on investing.com
Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    You May Also Like

    Latest News

    The Gateway Pundit, a far-right website, published a note from its editor on Saturday acknowledging that two election workers in Georgia did not engage...

    Latest News

    New majorities in Congress, particularly when the incoming party has a new leader, offer the rare chance for the institution to take a breath...

    Latest News

    Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night. The...

    Investing

    JAKARTA (Reuters) -Indonesia has asked Alphabet (NASDAQ:GOOGL)’s Google and Apple (NASDAQ:AAPL) to block Chinese fast fashion e-commerce firm Temu in their application stores in...



    Disclaimer: alivebusinessplan.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 alivebusinessplan.com