House Passes Tax and Budget Bill: First Step on a Long Legislative Road

The House has taken the first step in enacting President Trump's tax agenda, according to reports from AP News and Bloomberg Tax. However, by leaving out some of the President's campaign promises for additional individual tax relief, raising the debt limit by $4 trillion, and substantial cuts to safety-net programs, it appears there is still a long legislative road ahead. 

Coupled with Senate Republicans' desire for deeper tax cuts and a smaller impact on safety-net programs, the contents of a bill that ultimately makes its way to the President's desk remains unclear.