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