#TrumpTaxCuts On April 10, 2025, the House adopted the Senate's amended version of the budget resolution, which allows for $5.3 trillion in deficit-financed tax cuts (the combination of $3.8 trillion in tax cuts that are assumed to be 'cost-free' under the current political baseline plus $1.5 trillion in additional deficits allowed), increases in the deficit of $521 billion in defense and immigration spending, a minimum of $4 billion in spending cuts, and an increase in the debt ceiling of up to $5 trillion.