Finance Fusion Network
  • Investing
  • Latest News
  • Editor’s Pick
  • Economy
  • Investing
  • Latest News
  • Editor’s Pick
  • Economy
No Result
View All Result
Finance Fusion Network
No Result
View All Result

US Senate Republicans eye two-step Trump legislative agenda

by
December 4, 2024
in Economy
0
US Senate Republicans eye two-step Trump legislative agenda

By David Morgan

WASHINGTON (Reuters) – U.S. Senate Republicans are discussing a two-step plan to push ahead on President-elect Donald Trump’s agenda when they take the majority next year, starting with border security and energy before turning to tax cuts.

Incoming Senate Majority Leader John Thune, whose Republicans will hold a 53-47 majority, laid out the plan in a closed-door party meeting on Tuesday that included a call from Trump himself. It aims to use a parliamentary maneuver to bypass the chamber’s “filibuster” rule that requires 60 senators to agree to advance most legislation.

The first bill would focus on Trump’s agenda for border security, energy deregulation and defense spending, while the second would extend tax cuts from the 2017 Tax Cuts and Jobs Act passed during the first Trump presidency, which are due to expire next year.

Thune described the plan to reporters as “options, all of which our members are considering.”

To enact Trump’s agenda, the Senate will have to work closely with the president-elect and the House of Representatives, which is expected to have a razor-thin Republican majority.

The Republican chairs of the House Appropriations and Ways and Means committees, which will play a central role in passing the Trump agenda, declined to comment on the Senate plan.

“I have not seen what Leader Thune rolled out,” House Appropriations Chairman Tom Cole said.

Before moving the first bill, the House and Senate will need to agree on a budget resolution to unlock the “reconciliation” tool they plan to use to bypass the filibuster. Aides said senators hope to do that by the end of January and then move quickly to complete the first bill by March 31.

“We have the trifecta for two years. About 18 months is all we’re really going to have to really get things done,” Republican Senator Mike Rounds told reporters.

Democrats also leaned heavily on reconciliation to pass legislation when they held control of both chambers during the first two years of President Joe Biden’s term.

Republican Senator Rand Paul, a fiscal hawk, raised concerns about the plan’s cost.

“This is not a fiscally conservative notion,” Paul said. “So at this point, I’m not for it, unless there are significant spending cuts attached.”

Extending Trump’s tax cuts for individuals and small businesses will add $4 trillion to the current $36 trillion in total U.S. debt over 10 years.

Trump also promised voters generous new tax breaks, including ending taxes on Social Security, overtime and tip income and restoring deductions for car loan interest.

The tab is likely to reach $7.75 trillion above the CBO baseline over 10 years, according to the Committee for a Responsible Federal Budget, a non-partisan fiscal watchdog group.

This post appeared first on investing.com
Previous Post

US House to hold oversight hearing on struggling Postal Service

Next Post

Moody’s affirms South Africa’s Ba2 rating amid economic challenges and political change

Next Post
Moody’s affirms South Africa’s Ba2 rating amid economic challenges and political change

Moody’s affirms South Africa’s Ba2 rating amid economic challenges and political change

  • Trending
  • Comments
  • Latest
DAVID MARCUS: Public broadcasting’s purpose has passed. It’s time to pull the plug

DAVID MARCUS: Public broadcasting’s purpose has passed. It’s time to pull the plug

February 7, 2025
Elon Musk connects with indie Andrew Yang on billionaire former Trump ally’s third party push

Elon Musk connects with indie Andrew Yang on billionaire former Trump ally’s third party push

July 8, 2025
Over 158 million Americans voted in 2024 as Trump reclaimed the White House

Over 158 million Americans voted in 2024 as Trump reclaimed the White House

July 7, 2025
Markets may be repeating the mistake of 2019, Goldman Sachs warns

Markets may be repeating the mistake of 2019, Goldman Sachs warns

January 27, 2025
Trump caps UK trip with $350B tech pact, heads to Arizona for Kirk’s memorial service

Trump caps UK trip with $350B tech pact, heads to Arizona for Kirk’s memorial service

0
Harris campaign officials explain what went wrong –  and what Trump did right: report

Harris campaign officials explain what went wrong – and what Trump did right: report

0
New Republican Governors Association chair says ‘focus’ is on helping Trump get ‘off to a strong start’

New Republican Governors Association chair says ‘focus’ is on helping Trump get ‘off to a strong start’

0
NVIDIA Corporation (NASDAQ:NVDA) shares fell roughly 3%

NVIDIA Corporation (NASDAQ:NVDA) shares fell roughly 3%

0
Trump caps UK trip with $350B tech pact, heads to Arizona for Kirk’s memorial service

Trump caps UK trip with $350B tech pact, heads to Arizona for Kirk’s memorial service

September 20, 2025
JOSH HAMMER: Trial lawyer lawfare vs. Trump’s policy revolution

JOSH HAMMER: Trial lawyer lawfare vs. Trump’s policy revolution

September 20, 2025
Kamala Harris reveals what Biden told her just before crucial debate with Trump that left her ‘angry’

Kamala Harris reveals what Biden told her just before crucial debate with Trump that left her ‘angry’

September 20, 2025
MIKE DAVIS: Trump’s latest pick to reform the federal judiciary is another home run

MIKE DAVIS: Trump’s latest pick to reform the federal judiciary is another home run

September 20, 2025

    Fill Out & Get More Relevant News

    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent News

    Trump caps UK trip with $350B tech pact, heads to Arizona for Kirk’s memorial service

    Trump caps UK trip with $350B tech pact, heads to Arizona for Kirk’s memorial service

    September 20, 2025
    JOSH HAMMER: Trial lawyer lawfare vs. Trump’s policy revolution

    JOSH HAMMER: Trial lawyer lawfare vs. Trump’s policy revolution

    September 20, 2025
    Kamala Harris reveals what Biden told her just before crucial debate with Trump that left her ‘angry’

    Kamala Harris reveals what Biden told her just before crucial debate with Trump that left her ‘angry’

    September 20, 2025
    MIKE DAVIS: Trump’s latest pick to reform the federal judiciary is another home run

    MIKE DAVIS: Trump’s latest pick to reform the federal judiciary is another home run

    September 20, 2025

    Top News

    Trump caps UK trip with $350B tech pact, heads to Arizona for Kirk’s memorial service

    Trump caps UK trip with $350B tech pact, heads to Arizona for Kirk’s memorial service

    September 20, 2025
    JOSH HAMMER: Trial lawyer lawfare vs. Trump’s policy revolution

    JOSH HAMMER: Trial lawyer lawfare vs. Trump’s policy revolution

    September 20, 2025

    Latest News

    • Trump caps UK trip with $350B tech pact, heads to Arizona for Kirk’s memorial service
    • JOSH HAMMER: Trial lawyer lawfare vs. Trump’s policy revolution
    • Kamala Harris reveals what Biden told her just before crucial debate with Trump that left her ‘angry’

    About Finance Fusion Network

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2024 Financefusionnetwork.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Latest News
    • Editor’s Pick
    • Economy

    Copyright © 2024 Financefusionnetwork.com. All Rights Reserved.