Senate Republicans are considering a budget that would allow for $1.5 trillion in tax cuts over the next ten years, the WSJ reports citing people familiar with the discussions.
Why this matters: Writing a budget is the first step in working on tax legislation and adhering to its guidelines would let a tax bill pass the Senate with a simple majority. Details on the GOP tax plan are due next week. Putting a tax cut in the budget would put off decisions on how to pay for the cuts, the paper says. WSJ reporter Richard Rubin says on Twitter the budget discussions signal "an unmistakable shift from revenue-neutral tax reform to revenue-losing tax reform."