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Investing.com -- The U.S. House of Representatives gave approval to a budget blueprint on Thursday, setting the groundwork for potential legislation that could permanently extend portions of President Donald Trump's 2017 tax cuts that are set to expire.
The budget blueprint passed with a 216-214 vote, opening a path for Republicans in both the House and Senate to craft detailed tax reduction and spending cut legislation. The process of creating this legislation could span several months.
President Trump expressed his commendation for the House's decision on his Truth Social platform. He stated, "Congratulations to the House on the passage of a Bill that sets the stage for one of the Greatest and Most Important Signings in the History of our Country. Among many other things, it will be the Largest Tax and Regulation Cuts ever even contemplated. MAKE AMERICA GREAT AGAIN!"
The potential legislation, which is still in the early stages, could make permanent certain elements of the 2017 tax cuts enacted during Trump's presidency. The specifics of the tax and spending cut proposals are yet to be worked out by Republican lawmakers.
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