Senate Narrowly Passes $4 Trillion Budget Plan and Framework for Tax Reform

Thursday, the Senate passed a budget framework for tax reform by a narrow 51-49 vote. Rand Paul was the sole dissenting GOP vote.

As reported in FoxNews

Senate Republicans narrowly passed a $4 trillion budget plan Thursday, taking their first big step toward a tax reform package promised by President Donald Trump.

Approval of the nonbinding plan allows the Senate to use a special process known as “budget reconciliation” that would forestall a Democratic filibuster.

“Tonight we completed the first step towards replacing our broken tax code by passing a comprehensive, fiscally responsible budget that will help put the federal government on a path to balance,” said Senate Majority Leader Mitch McConnell, R-Ky. “We have a once-in-a-generation opportunity to replace a failing tax code that holds Americans back with one that works for them.”

The Senate plan, approved on a 51-49 vote, calls for $473 billion in cuts from Medicare over 10 years and more than $1 trillion from Medicaid.

If fully implemented, the plan would cut spending by more than $5 trillion over the next 10 years, with an average of approximately $540 billion per year over the life of the plan, according to a Congressional Budget Office estimate.

Earlier in the week, Vice President Pence hosted a tax reform roundtable in Lancaster, NY and discussed how the President’s tax-cut plan will allow the average American family to keep an extra $4,000 a year.