Illustration: Gabriella Turrisi/Axios
A couple of notes on the GOP's reconciliation push…
💵 1. House money: The House Budget Committee unveiled its budget resolution for a one-bill reconciliation strategy today ahead of Thursday's markup.
- Ways and Means would get $4.5 trillion in deficit increases for tax cuts.
- Energy and Commerce would get a $880 billion deficit reduction task, likely including changes to Medicaid on top of any IRA money they're able to repeal.
- And House Natural Resources would be tasked with bringing in $1 billion in revenue.
What we're watching: It's still not clear how IRA cuts will fit into this equation, but it puts the ball in play for the House.
🛢️ 2. Methane math: Senate Republicans, meanwhile, want to use their first reconciliation bill to repeal the IRA's methane fee — but it will present them with a budget math wrinkle.
- That's because CBO has estimated the policy would generate some $6 billion for the government, so cutting it would cost Republicans money.
- Senate EPW Chair Shelley Moore Capito is looking to compensate for that by cutting IRA money that flowed to EPA. She said Tuesday that "it's still not 100% clear" how much Republicans will be able to claw back.
- "We feel pretty comfortable with what we're going to be able to deliver in EPW by removing the methane fee and then creating some savings on some IRA and other things," she told Axios.
What we're watching: The Senate Budget Committee is marking up its own budget resolution Wednesday and Thursday.
