Congress Adopts Budget Resolution with Focus on Tax Reform

Budget calls for large Medicare/Medicaid cuts The U.S. House of Representatives narrowly passed a Budget Resolution that mirrors legislation passed by the Senate last week. Passage of this bill allows passage of a tax reform bill in the Senate with a simple majority of 50 votes. The Budget Resolution, if followed by Congress, would increase the federal debt by an estimated $1.5 trillion over 10 years, even though it also calls for $473 billion in Medicare cuts and $1 trillion