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November 26, 2017
2017-1991

Senate Budget Committee consideration of tax bill set for Tuesday

The Senate Budget Committee has scheduled a business meeting to consider FY 2018 reconciliation legislation, including the "Tax Cuts and Jobs Act," for Tuesday, November 28, 2017 at 2:30 p.m.

The primary purpose of the meeting is for the Budget Committee to pair the Tax Cuts and Jobs Act, which was approved by the Senate Finance Committee on November 16, with a separate measure from the Senate Energy and Natural Resources Committee. On November 15, the Energy and Natural Resources Committee reported reconciliation legislation to permit drilling in a portion of the Arctic National Wildlife Refuge (ANWR), which is projected to raise more than $1 billion over 10 years.

The FY 2018 budget resolution called for a Finance Committee bill to provide for a net tax cut of not more than $1.5 trillion over 10 years, and for an Energy and Natural Resources Committee bill to reduce the deficit by not less than $1 billion over the same period. The resolution called for the Budget Committee to report to the Senate a reconciliation bill carrying out the recommendations of both committees without any substantive revision.

The Budget Committee meeting is the final step prior to Senate consideration of the combined reconciliation bill. The reconciliation bill is subject to 20 hours of Senate floor debate followed, if necessary, by a "vote-a-rama" for certain filed amendments. Senate Majority Leader Mitch McConnell (R-KY) has expressed a desire to finish work on the bill by the end of the week (December 1).

Also on Tuesday, President Trump is scheduled to attend the Senate Republican policy luncheon, ahead of the week's expected votes related to the tax bill. The President is also expected to meet with congressional leaders from both parties on Tuesday to discuss issues that include tax reform and continuing government funding beyond the December 8 expiration.

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