#TrumpTaxCuts

On April 10, 2025, the House adopted the Senate’s amended version of the budget resolution, which allows $5.3 trillion in deficit-financed tax cuts (the combination of $3.8 trillion of tax cuts assumed to be “costless” under a current policy baseline plus $1.5 trillion in additional deficits permitted), deficit increases of $521 billion on defense and immigration spending, a minimum of $4 billion in spending cuts, and an increase in the debt limit of up to $5 trillion.

On April 2, 2025, the Senate introduced an updated budget resolution to provide new guidance to its committees on tax and spending policy changes. It adopts the instructions in the House resolution