House Republicans release budget plan, with trillions in tax and spending cuts

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House Republicans release budget plan, with trillions in tax and spending cuts

Speaker Johnson on timeline for budget

Speaker Johnson on timeline for budget plan as Senate Republicans move on own proposal

05:43

Washington — House Republicans released a

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on Wednesday, laying a foundation for advancing President Trump’s agenda on border security, defense, energy and tax priorities, despite momentum around a competing proposal in the Senate. 

The budget proposal says that the House Ways and Means Committee can pursue up to $4.5 trillion in tax cuts, and sets a goal of cutting mandatory spending by $2 trillion. It would also increase the debt ceiling by $4 trillion. 

The long-awaited budget resolution comes as congressional leaders have been pursuing a massive legislative package under the budget reconciliation process that would enact Mr. Trump’s agenda, including resources to bolster border security, extend some of the 2017 tax cuts, incentivize domestic manufacturing and invest in American energy, while working to trim government programs and address the debt limit.

In the House, the process has faced delays amid intraparty disagreement on how to proceed. And the stalled progress in the lower chamber has prompted the Senate to move ahead with its own proposal in recent days.

This is a breaking news story and will be updated. 

Kaia Hubbard

Kaia Hubbard is a politics reporter for CBS News Digital, based in Washington, D.C.

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