U.S. House approves Senate-version budget, a step toward tax reform

Source: Xinhua| 2017-10-27 00:15:38|Editor: yan
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WASHINGTON, Oct. 26 (Xinhua) -- U.S. House of Representatives on Thursday approved the Senate's version of budget resolution for fiscal year 2018, a big step toward pushing tax reform forward.

In a vote of 216-212 primarily along party line, the House passed the budget resolution that will allow Republicans' tax plan to add up to 1.5 trillion U.S. dollars to the deficit over a decade.

The budget resolution also helps unlock a procedure that could allow the passage of the tax reform plan without support from Democrats.

It includes billions more for defense spending, while calls for 5 trillion dollars in spending cuts over the decade, including cuts to Medicare and Medicaid.

The Senate passed the resolution last week and the House approved it without changes, a step that will allow Republicans to speed up its push for tax reform.

"President Donald J. Trump applauds Congress for passing its pro-growth FY 2018 joint budget resolution and fulfilling its obligation to the American people," said a statement from the White House's press secretary on Thursday.

"This resolution sets the stage for Congress to put America first by providing economic relief for the American people in the form of tax cuts and tax reform," the statement added.

U.S. House Speaker Paul Ryan said on Tuesday that House Republicans will unveil the long-awaited tax reform legislation next week and pass the bill by the Thanksgiving week.

Trump and Senate Majority Leader Mitch McConnell have said recently that they hoped to pass the tax bill by the end of this year, but added that it would take time to go through the legislative procedures.

The Trump administration, together with congressional Republicans, last month released a unified framework for tax reform, which will cut tax rates for businesses and individuals but lacks details about how to consolidate the fiscal position in face of big tax cuts.