Important Takeaways:

• House Republicans released a budget resolution on Wednesday, laying a foundation for advancing President Trump’s agenda on border security, defense, energy and tax priorities, despite momentum around a competing proposal in the Senate.
• The budget proposal says that the House Ways and Means Committee can pursue up to $4.5 trillion in tax cuts, and sets a goal of cutting mandatory spending by $2 trillion. It would also increase the debt ceiling by $4 trillion.
• The long-awaited budget resolution comes as congressional leaders have been pursuing a massive legislative package under the budget reconciliation process that would enact Mr. Trump’s agenda, including resources to bolster border security, extend some of the 2017 tax cuts, incentivize domestic manufacturing and invest in American energy, while working to trim government programs and address the debt limit.
• House Speaker Mike Johnson said in a post on X on Wednesday that nearly all House Republicans have been “directly engaged” in the process, saying the resolution “reflects our collective commitment to enacting the President’s full agenda — not just a part of it.”
• “There will be ongoing debates and discussions in the coming weeks, and we remain focused on working through the process to deliver on our promises made to the American people,” Johnson said.
• While House Republicans are pursuing one reconciliation package, Senate Republicans have advocated for a two-package approach, splitting border security, defense and energy from the tax components.

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