The agenda includes a renewal of $4 trillion in expiring GOP tax cuts, a hallmark of Trump's first term, and a policy that could shape his second term.
According to the Washington Post, House Majority Leader Steve Scalise, R-La., stated, “What we’re focused on right now is being ready, Day 1,” following a meeting with GOP colleagues to strategize the path forward. The proposed policies are set to reignite debates about America's priorities, income disparities, and the appropriate size and scope of its government, particularly in light of the growing federal deficits nearing $2 trillion annually.
The GOP's plans will test whether Trump and his Republican allies can deliver the tangible outcomes that voters anticipated when they handed the party control of Congress and the White House. Lindsay Owens, executive director of the Groundwork Collaborative, noted, “The past is really prologue here,” referring to the 2017 tax debate.
The tax cuts of Trump's first term, which primarily benefited higher-income households, became a defining feature of his presidency. The top 1 percent, those earning nearly $1 million and above, received about a $60,000 income tax cut, while those with lower incomes received as little as a few hundred dollars. Owens commented, “The big economic story in the U.S. is soaring income equality,” adding, “And that is actually, interestingly, a tax story.”
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In anticipation of Trump's return, Republicans have been privately discussing proposals to extend and enhance these tax breaks, which are set to expire in 2025. However, the Congressional Budget Office estimates that maintaining the expiring provisions would add approximately $4 trillion to deficits over a decade.
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Despite this, some Republicans argue that the tax breaks will pay for themselves through potential economic growth. Sen. Mike Crapo, R-Idaho, the incoming chairman of the Senate Finance Committee, dismissed criticism that tax cuts would contribute to the deficit as “ridiculous.” He emphasized the difference between taxes and spending, stating, “and we just have to get that message out to America.”
Simultaneously, the new Congress will consider spending reductions, particularly to food stamps and health care programs, long-standing objectives of conservatives. One such cut is likely to affect the COVID-19-era subsidy that helps offset the cost of health insurance for individuals who purchase their own policies via the Affordable Care Act exchange.
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Despite the GOP's claims of a "massive mandate," House Democratic leader, Rep. Hakeem Jeffries of New York, dismissed the notion of a mandate for "massive, far-right extreme policy changes." The Republicans' plans to use a budgetary process, known as reconciliation, to pass legislation along party lines, however, could bypass resistance from Democrats.
House Speaker Mike Johnson, R-La., who has been closely collaborating with Trump on the agenda, has promised a “breakneck” pace in the first 100 days, stating, “because we have a lot to fix.”
