By Richard Rubin

WASHINGTON -- The House Budget Committee will consider a fiscal 2018 budget resolution Wednesday, marking a crucial but still early step in Republicans' path to a major tax overhaul.

A budget resolution approved by the House and Senate is necessary to trigger the so-called reconciliation rules that would let the GOP pass a subsequent tax bill through the Senate without Democratic votes. The budget will provide the parameters for the tax bill.

But Republicans have been divided over the budget itself, with defense hawks pushing for more spending and conservatives arguing for spending cuts in other programs. Republicans want the budget to balance by the end of a decade without raising taxes, a goal that requires a combination of spending cuts and aggressive economic growth assumptions.

The committee, in announcing its session Monday morning, didn't yet release a draft resolution or details about it.

Write to Richard Rubin at

(END) Dow Jones Newswires

July 17, 2017 10:25 ET (14:25 GMT)

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