US passes 2018 budget, crucial step toward tax overhaul

House Republicans passed crucial budget legislation Thursday, setting aside months of intraparty squabbles to set the stage for an ambitious tax bill they are planning to pass without Democratic help.

The House budget resolution includes major spending cuts demanded by the party's conservative wing, but the party's focus is now on passing a tax bill that could add as much as $1.5 trillion to the budget deficit.

"Our budget specifically paves the way for pro-growth tax reform that will reduce taxes for middle class Americans and free up American businesses to grow and hire," House Budget Committee Chairman Diane Black said during floor debate.

Republicans argue the bill will spark economic growth that will offset the revenue loss, thus not adding to a national debt that now exceeds $20 trillion, though many economists say the evidence for that claim is thin.

The House budget envisions a tax bill that will largely pay for itself, while also allowing for up to $203 billion in spending cuts targeting financial industry regulations, federal employee benefits, welfare spending and more.

UCJ, UNILORIN.