Both chambers of Congress have now agreed to the same budget blueprint, which unlocks the next phase of the reconciliation process; drafting legislative text and directing committees to find roughly $4 billion in spending cuts over a decade.
This topline is more in line with the Senate’s initial budget blueprint as opposed to the House’s original plan which called for $1.7 trillion in spending cuts and $4.5 trillion in tax cuts, and allows for a $2.8 trillion increase in primary deficits over the 10-year budget window from fiscal year (FY) 2025 to FY 2034.
The Senate’s initial proposal would have allowed for up to $175 billion of new funding for border security and immigration enforcement. It also directed Congressional committees to find at least $4 billion in spending cuts, $1 billion specifically for health, education, and labor programs.
