Republicans Fast-Track Tax Cut for the Wealthy That Increases Deficit by $1.5 Trillion

House Speaker Paul Ryan leads a news conference at the Capitol on Tuesday. Tom Williams/AP

After years of railing against deficit spending, House Republicans voted on Thursday for a budget resolution that allows for $1.5 trillion of deficit spending to finance tax cuts. Nearly 80 percent of the cuts would go to the wealthiest 1 percent of Americans, according to an initial estimate from the nonpartisan Tax Policy Center.

Every Democrat and 20 Republicans voted against the budget resolution, which passed 216-212. The resolution allows Congress to fast-track tax cuts using a process known as reconciliation—meaning the Senate will only need a simple majority, instead of the 60 votes needed to overcome a filibuster.

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