House Republicans outlined a plan Wednesday to cut taxes by $4.5 trillion, increase the debt limit by $4 trillion, and aim for $2 trillion in spending cuts, a broader and more ambitious plan than a competing Senate proposal.
The House Budget Committee released a budget resolution including instructions that would allow lawmakers to pass a tax, debt-limit, and spending-cut package through the Senate with a simple majority. It would allow a net increase of $3.3 trillion to the federal debt over 10 years.
The House Budget Committee is set to mark up the budget resolution on Thursday morning, at the ...