Incoming Senate Majority Leader John Thune wants to pass a budget reconciliation bill early next year focused on border security, defense, and energy, he told fellow Senate Republicans at a closed-door meeting Tuesday.
Thune (S.D.) wants to put off a second, tax-focused reconciliation bill until later in 2025, after passing the first measure within the first 30 days of President-elect Donald Trump’s second term, according to a person familiar with his remarks who spoke on condition of anonymity to discuss them.
House Republicans have eyed a similarly aggressive timeline for a reconciliation bill, hoping to enact one within the first 100 days of the next Congress. But Thune’s timeline would give tax writers more time to hammer out the details of an extension of the 2017 tax cuts that could cost trillions of dollars.
Thune’s strategy was earlier reported by Punchbowl News.
Republicans need to come to agreement on how much loss of revenue to offset, and what, if any, new elements from Trump’s campaign promises should be part of a tax package. Without action by the end of 2025, much of the 2017 tax law expires, raising taxes on most individuals and some companies.
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