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

Trump budget bill could see ‘roughly’ $1 trillion in baseline spending cuts, top Republican says

by
February 5, 2025
in Latest News
0
Trump budget bill could see ‘roughly’ $1 trillion in baseline spending cuts, top Republican says

House Majority Leader Steve Scalise, R-La., said Republicans were eyeing $1 trillion as a rough baseline for spending cuts as they prepare a massive conservative policy overhaul.

‘I think when you look at where we are, we’re close to a trillion and still working,’ Scalise said in response to a question by Fox News Digital late Tuesday night. When asked by another reporter later whether Republicans were looking at a $1 trillion baseline, Scalise said, ‘Roughly.’ No final decisions have been made, however.

Republican majorities in the House and Senate are working to codify large swaths of President Donald Trump’s agenda via the budget reconciliation process. 

By lowering the threshold for Senate passage from 60 votes to 51 out of 100, the maneuver allows the party in power to skirt its opposition to advance its agenda – provided the items included relate to budgetary and other fiscal matters. The House of Representatives already has a simple majority threshold.

Disagreements over where to set the floor for spending cuts have put House Republicans behind on their ambitious schedule for reconciliation, which includes a final goal of getting a bill on Trump’s desk in May.

The House Budget Committee was expected to advance an initial resolution for reconciliation this week. That plan was derailed, however, when spending hawks on the panel balked at House GOP leaders’ initial offer of roughly $300 billion as a starting point for rollbacks to federal funding. They also rejected a higher offer nearing $900 billion in cuts, Fox News Digital was told earlier this week. 

Scalise told reporters Tuesday night that leaders were now looking at next week to advance the bill out of the House Budget Committee.

Conservatives who spoke with Fox News Digital said they doubted the spending cuts would go much deeper than the agreed-upon floor, but Republican leaders have continued to insist there will be opportunities to find areas for cuts beyond whatever level they settle on. 

Scalise also cautioned that negotiators were working against cost estimates by the Congressional Budget Office (CBO), a nonpartisan group. 

‘There are a lot of numbers floating around. I mean, you know, CBO’s got their numbers, and we’ve had real issues with them, because CBO has been wrong so many times, but yet you still have to start with their numbers,’ Scalise said. ‘And then, you know, what kind of economic growth are you gonna get if you have better energy policy and better regulatory policy? And those are real factors. And our members recognize that, but, you know, you’ve got to come to an agreement on what is that growth factor gonna be? What’s a fair number?’

GOP negotiators met on Tuesday evening to chart a path forward. A source familiar with the meeting said Speaker Mike Johnson, R-La., did not commit to anything and discussions are still ongoing. 

Republicans are hoping to use reconciliation to pass several Trump policy goals, from more funding at the border to removing taxes on tipped and overtime wages. Lawmakers are also eyeing new defense funding and pro-fossil fuel energy measures. 

House Republicans had planned to pass their reconciliation bill first, but it appears time could be running short. Senate Republicans have signaled they are ready to move ahead with their own plan if infighting delays the House GOP’s schedule.

Asked about the prospect of the Senate moving first, Johnson told reporters on Tuesday, ‘Senate will not take the lead. We’re going to, and we’re right on schedule.’

Scalise similarly said that delaying the committee mark up to next week will not alter Republicans’ overall timeline.

This post appeared first on FOX NEWS
Previous Post

Trump can delete Elizabeth Warren’s failed experiment once and for all

Next Post

UN chief sounds the alarm amid fears over possible DOGE-inspired cuts after Trump’s order

Next Post
UN chief sounds the alarm amid fears over possible DOGE-inspired cuts after Trump’s order

UN chief sounds the alarm amid fears over possible DOGE-inspired cuts after Trump’s order

  • 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
Analysis-To weather Trump, emerging market investors look to the frontier

Analysis-To weather Trump, emerging market investors look to the frontier

January 27, 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
Trump backs Cuomo and threatens to cut federal funding if ‘Communist Mamdani’ wins NYC mayor race

Trump backs Cuomo and threatens to cut federal funding if ‘Communist Mamdani’ wins NYC mayor race

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 backs Cuomo and threatens to cut federal funding if ‘Communist Mamdani’ wins NYC mayor race

Trump backs Cuomo and threatens to cut federal funding if ‘Communist Mamdani’ wins NYC mayor race

November 4, 2025
Kimberly-Clark to buy Kenvue in $48.7 billion deal

Kimberly-Clark to buy Kenvue in $48.7 billion deal

November 3, 2025
Senate Republicans plot longer-term funding bill as government shutdown continues

Senate Republicans plot longer-term funding bill as government shutdown continues

November 3, 2025
Trump sends world’s most powerful warship to Latin America — historic echoes of regime change

Trump sends world’s most powerful warship to Latin America — historic echoes of regime change

November 3, 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 backs Cuomo and threatens to cut federal funding if ‘Communist Mamdani’ wins NYC mayor race

    Trump backs Cuomo and threatens to cut federal funding if ‘Communist Mamdani’ wins NYC mayor race

    November 4, 2025
    Kimberly-Clark to buy Kenvue in $48.7 billion deal

    Kimberly-Clark to buy Kenvue in $48.7 billion deal

    November 3, 2025
    Senate Republicans plot longer-term funding bill as government shutdown continues

    Senate Republicans plot longer-term funding bill as government shutdown continues

    November 3, 2025
    Trump sends world’s most powerful warship to Latin America — historic echoes of regime change

    Trump sends world’s most powerful warship to Latin America — historic echoes of regime change

    November 3, 2025

    Top News

    Trump backs Cuomo and threatens to cut federal funding if ‘Communist Mamdani’ wins NYC mayor race

    Trump backs Cuomo and threatens to cut federal funding if ‘Communist Mamdani’ wins NYC mayor race

    November 4, 2025
    Kimberly-Clark to buy Kenvue in $48.7 billion deal

    Kimberly-Clark to buy Kenvue in $48.7 billion deal

    November 3, 2025

    Latest News

    • Trump backs Cuomo and threatens to cut federal funding if ‘Communist Mamdani’ wins NYC mayor race
    • Kimberly-Clark to buy Kenvue in $48.7 billion deal
    • Senate Republicans plot longer-term funding bill as government shutdown continues

    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.