On Friday, the Senate Budget Committee released a 2018 budget resolution, setting the stage for tax reform but limiting the deficit to $1.5 trillion over the next 10 years.
The budget resolution would give Republicans the ability to pass tax reform without worrying about a filibuster from Democrats. The resolution planned to cut $5.1 trillion in spending over a decade but would initially keep spending at 2017 levels, according to The Hill.
Defense spending, in contrast to President Donald Trump's plans, would remain stable rather than increasing.
In a statement, Committee Chairman Mike Enzi touted the resolution as a way to enact tax reform and restrain federal spending:
“This budget resolution puts our nation on a path to balance by restraining federal spending, reducing tax burdens, and boosting economic growth. It is also the first important step in providing Congress with the tools it needs to enact tax reform that will grow America’s economy and strengthen hardworking families and small businesses."
According to The Wall Street Journal, tax cuts would cost $5 trillion, meaning Republicans would need to find a way to squeeze that amount into the $1.5 trillion in deficits allowed by the budget committee.