Last night, the House voted 217 to 215 to approve a fiscal year (FY) 2025 budget resolution that directs the House Ways and Means Committee to approve net tax cuts of $4.5 trillion over 10 years. Under the House’s “one big, beautiful bill” approach for reconciliation legislation, the budget resolution directs other House committees to reduce federal spending by at least $1.5 trillion but makes approval of the full $4.5 trillion in net tax cuts contingent on Congress achieving a higher goal of $2 trillion in spending cuts. The House budget resolution also proposes a $4 trillion increase in the current $36.1 trillion statutory limit on federal debt.
Previously, the Senate on February 20th by a vote of 52 to 48 approved a “skinny” FY 2025 budget resolution that contains budget reconciliation instructions related to border and defense spending, domestic energy production, and a minimum level of unspecified spending cuts. The Senate-passed budget resolution does not contain tax reconciliation instructions. Under the Senate two-bill approach for reconciliation legislation, tax cuts policy changes and additional spending cuts would be addressed in a second budget reconciliation authorized under an FY26 budget resolution. A budget resolution does not require the president’s signature, but both the House and Senate must adopt an identical budget resolution to unlock budget reconciliation procedures that would allow legislation to advance with a simple majority vote in the Senate, instead of the 60 votes generally needed to consider bills in the Senate.
For today, the Senate is expected to confirm Executive Calendar #22 Jamieson Greer, of Maryland, to be United States Trade Representative. The Senate will then take up Passage of S.J.Res.10, Energy emergency declaration termination and a Motion to proceed to S.J.Res.12, Emissions CRA or H.J.Res.35, the House companion to S.J.Res.12.
The House is expected to take up under a Rule, H.J. Res. 35 – Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Environmental Protection Agency relating to ‘‘Waste Emissions Charge for Petroleum and Natural Gas Systems: Procedures for Facilitating Compliance, Including Netting and Exemptions.’’
The House may also consider under suspension of the Rules: H.R. 250 – To direct the Joint Committee on the Library to procure a statue of Benjamin Franklin for placement in the Capitol, H.R. 469 – Semi quincentennial Congressional Time Capsule Act and H.R. 695 – Medal of Honor Act, as amended.
