House Budget Committee to Consider FY18 Budget Resolution -- Update

By Richard Rubin Features Dow Jones Newswires

The House Budget Committee will consider a fiscal 2018 budget resolution Wednesday, marking a crucial but still early step in Republicans' path to a major tax overhaul.

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A budget resolution approved by the House and Senate is necessary to trigger the so-called reconciliation rules that would let the GOP pass a subsequent tax bill through the Senate without Democratic votes. The budget will provide the parameters for the tax bill.

But Republicans have been divided over the budget itself, with defense hawks pushing for more spending and conservatives arguing for spending cuts in other programs. Republicans want the budget to balance by the end of a decade without raising taxes, a goal that requires a combination of spending cuts and aggressive economic growth assumptions.

The committee didn't release a draft resolution or details about the session when it announced it Monday morning,

It was unclear whether Republicans have resolved any of the internal conflicts about the budget or when it would get a vote on the House floor.

Senate Republicans will be writing their own budget, and the chambers need to approve identical resolutions in order to begin the reconciliation process for tax policy. That could take weeks or months, and it is unlikely the House and Senate will reach a deal before Congress goes on its August recess.

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(END) Dow Jones Newswires

July 17, 2017 12:30 ET (16:30 GMT)