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The House Budget Committee released its blueprint for a sweeping reconciliation bill Wednesday that would allow for at least $4.5 trillion in tax cuts and slash spending by at least $1.5 trillion over the coming decade, Politico reported.
The budget resolution directs the House Education and Workforce Committee to cut at least $330 billion over the next 10 years. House Republicans previously released a menu of potential spending cuts. That list included repealing former president Biden’s student loan forgiveness and repayment plans, increasing the scope and rate of endowment taxes, and requiring colleges to help pay back student loans. Higher education experts warned that the slashes could harm colleges, universities and the students they serve.
Republicans say the cuts are necessary to pay for President Donald Trump’s more than $300 billion in new immigration and defense spending. It would also allow Republicans to raise the debt limit by $4 trillion—enough for about a two-year extension.
The draft was unveiled ahead of a markup Thursday and is the result of months of negotiations. House Speaker Mike Johnson of Louisiana said Wednesday he is confident the draft could pass the committee, which would set it up for floor action later this month. Republicans would need to gain support from nearly every GOP member in order to fully approve the budget. Then the Senate would have to pass an identical budget resolution to turn the bill into a law.
