House approves GOP budget resolution

The Republican-controlled House of Representatives approved a budget resolution today that gets the GOP one step closer to reconciliation and, they hope, to passing tax reform, per CNBC.

What's next: The Senate is expected to vote on Oct. 16, and the Senate Budget Committee is slated to approve a similar budget resolution later today. If both the House and the Senate reach an agreement and approve a final version, the GOP would be able to use budget “reconciliation” rules to pass a tax reform bill with a simple majority (only 51 Senate votes instead of the usual 60).