U.S. House Approves Budget Plan to Extend 2017 Tax Cuts

According to Odaily, the U.S. House of Representatives passed a budget plan on Wednesday, setting the stage for extending the tax cuts introduced by U.S. President Donald Trump in 2017. The budget was approved with a narrow margin of 216 votes in favor and 214 against, with all Democrats and two Republicans opposing due to concerns over insufficient spending cuts. This approval is a preliminary but necessary step for Republicans to bypass Democratic opposition and pass a tax cut bill along party lines later this year. The legislation, passed on Thursday, serves as a broad budget framework with minimal details. Following the budget's approval, the upcoming package aims to reduce taxes by up to $5.3 trillion over the next decade and raise the debt ceiling by $5 trillion in exchange for $4 billion in spending cuts. House Speaker Johnson had initially aimed for the bill's passage on Wednesday but delayed action due to some Republican members' objections over inadequate spending reductions.