Senate Budget Bill Advances

The U.S. Senate passed a revised budget framework in the early morning hours Saturday. It includes up to $5.3 trillion in net tax cuts over the next ten years including an extension of the 2017 tax law. The House will need to pass an identical version of the budget resolution to open the path to the reconciliation process. That would allow the Senate to pass the bill by a simple majority and avoid a filibuster. The House Rules Committee is expected to review the bill later today.