Markets front-running a Trump-Mnuchin tax cut victory. @Larry_Kudlow

Oct 25, 2017, 03:51 AM

10-24-2017 (Photo: ) Twitter: @BatchelorShow

Markets front-running a Trump-Mnuchin tax cut victory. @Larry_Kudlow

“Passing this budget is critical to getting tax reform done, so we can strengthen our economy after years of stagnation under the previous administration,” Senate Majority Leader Mitch McConnell (R., Ky.) said on the Senate floor Thursday.

Budget resolutions are nonbinding and don’t require the president’s signature. They generally reflect the parties’ priorities and are separate from the spending bills that actually fund the government.

What’s Next? Now that the Senate and House have both passed their own 2018 budgets, the sprint to write a major tax bill is on. Republicans hope to finish a bill by year-end. While the budget’s passage in both houses allows Republicans to pass a tax bill with just 50 votes in the Senate, they still have a lot of work to do. The Senate and House must first agree on the same document, and two big differences stand in the way. Richard Rubin takes a look at what happens now.