The House has passed its budget bill, and the Senate has passed its version out of committee. The two chambers must come together to iron out difference to provide tax relief to farmers and ranchers once the Senate bill moves forward.
American Farm Bureau Federation congressional relations director RJ Karney says a budget must be finished to allow tax reform to take place.
“The House and Senate need to pass a budget resolution allowing tax writing committees to develop a tax reform package that can pass through reconciliation. The reason a budget resolution is so important is that in order to do tax reform a budget resolution must be passed.”
Karney says there are differences in the House and Senate versions of the bill that must be addressed.
“The House budget includes reconciliation instructions for the agriculture committee to cut $10 billion over a 10-year period from nutrition programs. On tax reform, the House wants a deficit neutral tax reform. The Senate proposal has no reconciliation instructions for the Agriculture Committee. On tax reform, the Senate allows for a bill adding up to $1.5 trillion to the deficit.”
The Senate will consider its budget proposal next week when lawmakers return from recess. Once passed and both the House and Senate can agree on merging the two versions, the budget will become final, without the need of approval by the president.