The Los Angeles Post
U.S. World Business Lifestyle
Today: March 15, 2025
Today: March 15, 2025

US House speaker to pursue 'one big bill' on Trump's tax agenda

Israeli Prime Minister Netanyahu meets with U.S. House Speaker Johnson at Capitol in Washington
February 09, 2025
David Lawder - Reuters

By David Lawder

WASHINGTON (Reuters) - The U.S. House of Representatives speaker said on Sunday he would stick with a "one big bill" strategy to pass President Donald Trump's tax-cut agenda and fund border and military priorities, despite a limited $340 billion budget plan unveiled on Friday by Senate Republicans.

Mike Johnson told Fox News Sunday that it will take some time to secure a Republican consensus because of the party's thin House majority. But they would find savings to offset the cost of extending 2017 tax cuts that are due to expire at the end of the year and other priorities such as eliminating taxes on tips.

Senate Budget Committee Chairman Lindsey Graham unveiled a plan on Friday that would boost funding by $85.5 billion for four years for border security, deportations of migrants and for the military, leaving the extension of tax cuts to another bill later this year.

"Well, I talk with the president and his team about this almost constantly, reminding them that we will get the job done, but it has to be the one big bill strategy," Johnson said.

Johnson said the House Budget Committee had previously planned to consider the Republican budget resolution next week, but "we might push it a little bit further because the details really matter."

He said he needs to secure agreement among all House Republicans, who hold a razor-thin 218-215 majority in the chamber. The party plans to use a budget procedure that would allow them to pass fiscal legislation with only a simple Senate majority without any Democratic votes, so he cannot afford to lose more than one Republican vote.

Budget forecasters estimate that extending current individual tax rates would cost more than $4 trillion over a decade, with some estimates topping $11 trillion for Trump's full tax agenda.

Johnson said House Republicans are looking for offsetting savings and do not want to add to federal deficits.

"We're going to make sure that we find the offsets to do this in a responsible manner," Johnson said.

(Reporting by David Lawder; Editing by Mark Porter and David Holmes)

Share This

Popular

Asia|Business|Economy|Finance

China should choose 'right timing and strength' for monetary easing, state media says

China should choose 'right timing and strength' for monetary easing, state media says
Business|Economy|Europe|Finance|Political

Greek government debt upgraded to investment grade, closing the door on a painful era

Greek government debt upgraded to investment grade, closing the door on a painful era
Arts|Business|Economy|Entertainment|Europe

West End beats Broadway in theatre revival. What's the secret?

West End beats Broadway in theatre revival. What's the secret?
Africa|Business|Economy|Environment

A river โ€˜died' overnight in Zambia after an acidic waste spill at a Chinese-owned mine

A river โ€˜died' overnight in Zambia after an acidic waste spill at a Chinese-owned mine

Political

Africa|Political|US|World

US expels South Africa's ambassador, calls him 'race-baiting' America hater

US expels South Africa's ambassador, calls him 'race-baiting' America hater
Europe|Health|Political|World

Vatican switchboard nuns field growing calls about pope โ€” but no, you canโ€™t speak with him directly

Vatican switchboard nuns field growing calls about pope โ€” but no, you canโ€™t speak with him directly
Europe|Political|World

UK's Starmer convenes 'coalition of the willing' for second meeting to discuss Ukraine

UK's Starmer convenes 'coalition of the willing' for second meeting to discuss Ukraine
Asia|Political|US|World

US designated South Korea a 'sensitive' country amid nuclear concerns

US designated South Korea a 'sensitive' country amid nuclear concerns

Access this article for free.

Already have an account? Sign In