House Republicans Ready $350 Billion Pentagon Bill as 24-Day Window and Party Rifts Threaten Passage
Updated
Updated · Fortune · May 29
House Republicans Ready $350 Billion Pentagon Bill as 24-Day Window and Party Rifts Threaten Passage
1 articles · Updated · Fortune · May 29
$350 billion in defense funding is emerging as the centerpiece of a possible House GOP “Reconciliation 3.0” package, with leaders aiming to pair it with domestic spending cuts before the August recess.
About 24 House session days remain to pass a budget blueprint and assemble the bill, while a separate roughly $70 billion immigration package has already stalled over internal disputes.
Republicans are trying to repeat last summer’s 218-214 party-line win on Trump’s tax-and-spending bill, but Democrats say lower Trump approval and vulnerable swing-district members make deeper health-care cuts harder to sell.
Senate Republicans are signaling caution: John Thune called a third reconciliation bill only a “potential option,” while Thom Tillis and Lisa Murkowski warned the effort could unravel or fail altogether.
Possible provisions include reviving immigration-related Medicaid limits, a 5% tax on remittances by noncitizens, tighter earned income tax credit rules and other anti-fraud measures that GOP leaders hope will sharpen their midterm message.
With defense spending set to rise, which public services could face the deepest cuts to balance the budget?
How might a new 5% tax on money sent abroad impact the economies of other nations?
Could a capital gains tax break for home sellers worsen the affordability crisis for new buyers?