The GOP’s Budget Bill Will Cost Less Than Expected: Congressional Budget Office

WASHINGTON—The Congressional Budget Office (CBO) has estimated that the budget reconciliation bill being drafted by House Republicans will cost less than expected. Republicans are using the “budget reconciliation” process to enact President Donald Trump’s sweeping policy initiatives, including tax cuts, border and energy measures. The process allows for Republicans to bypass the 60-vote filibuster threshold in the Senate, meaning they won’t need Democrats’ votes to pass the legislation. However, the process has to meet certain requirements, including the “Byrd Rule” that prevents the legislation from increasing the deficit after 10 years. This means that much new spending needs to be offset by cuts....