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Brady wants to release a detailed tax reform plan after the House and Senate adopt a budget resolution. Photo: Jacquelyn Martin / AP

House Ways and Means Committee chairman Kevin Brady outlined a step-by-step process to House Republicans this morning for moving ahead on tax reform.

The goal: For the House and Senate to get a budget resolution done by mid-October, followed by the introduction of a detailed tax reform plan that he'd steer through his committee and then push through the House this fall, according to a person in the room.

Reality check: Republicans still have one big problem. The House and Senate have to reach an agreement on a budget resolution — which would set the broad outlines for tax reform — before they can work on a detailed tax reform bill. Yet conservatives like House Freedom Caucus chairman Mark Meadows aren't ready to commit to voting for a budget resolution unless they know the tax reform details first. If Republicans can't satisfy them, there's no guarantee they'll get past Step 1.

Yes, but: Brady says the “Big Six" tax reform negotiators hope to release a consensus tax reform framework the last week of September — so that could give a better sense of whether the conservatives will get what they need. (The “Big Six" are Brady, House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, Senate Finance Committee chairman Orrin Hatch, Treasury secretary Steven Mnuchin and White House economic adviser Gary Cohn.)

The sequence, per the Brady briefing:

  • The consensus framework would be released the week of Sept. 25.
  • The House and Senate would try to approve a final budget resolution by mid-October.
  • Brady would release a “chairman's mark" — a first draft of the detailed tax reform plan.
  • The Ways and Means Committee would amend it and approve it.
  • Brady would work with the Budget Committee to bring it to the House floor.
  • House vote.
  • Senate vote.

Go deeper

2 hours ago - Politics & Policy

Group of 20 bipartisan senators back $1.2T infrastructure framework

U.S. Senate Majority Leader Chuck Schumer (D-NY) arrives for a meeting with Senate Budget Committee Democrats in the Mansfield Room at the U.S. Capitol building on June 16, 2021 in Washington, DC. The Majority Leader and Democrats on the Senate Budget Committee are meeting to discuss how to move forward with the Biden Administrations budget proposal. Photo: Samuel Corum / Getty Images

A group of 10 Democratic and 10 Republican senators (the "G20") tasked with negotiating an infrastructure deal with the White House has released a statement in support of a $1.2 trillion framework.

Why it matters: Details regarding the plan have not yet been released, but getting 10 Republicans on board means the bill could get the necessary 60 votes to pass.

DOJ drops criminal probe, civil lawsuit against John Bolton over Trump book

Photo: Jabin Botsford/The Washington Post via Getty Images)

The Justice Department has closed its criminal investigation into whether President Trump's former national security adviser John Bolton disclosed classified information with his tell-all memoir, “The Room Where it Happened," according to a source with direct knowledge.

Why it matters: The move comes a year after the Trump administration tried to silence Bolton by suing him in federal court, claiming he breached his contract by failing to complete a pre-publication review for classified information. Prosecutors indicated they had reached a settlement with Bolton to drop the lawsuit in a filing on Wednesday.

Fed may raise rates sooner, as inflation is higher than expected

Feb chair Jerome Powell. Photo: Susan Walsh/Getty Images

The Federal Reserve kept rates unchanged at its latest policy meeting, but a shift in sentiment emerged as to how soon it should begin raising rates.

Why it matters: The Fed's rock-bottom rates policy and monthly asset purchases helped the U.S. markets avoid a meltdown during the COVID-19 crisis last year. But as the economy recovers, a chorus is growing for the Fed to at least consider a timeline for pulling back its support before things get overheated.