US House will take key budget votes later today

• The House will hold a vote at 3:30 p.m. on a “rule,” a procedure to advance legislation, which includes the budget blueprint
• If the rule vote passes, the House will vote on final passage of the budget blueprint at 5:30 p.m
• Republicans can only afford 3 defections
• The vote wouldn’t be the final one but would unlock the path for committees to write the massive bill

The latest messaging from Trump is to pass the budget now and worry about spending later. At the moment, this package doesn’t appear to have the votes with around a dozen fiscally conservative Republican House members holding out. Possible holdouts include, Reps. Chip Roy, R-Texas, Eli Crane, R-Ariz., Lloyd Smucker, R-Penn., Eric Burlison, R-Mo., Andy Biggs, R-Ariz., Keith Self, R-Texas, and Thomas Massie, R-Ky.

Roy appears to be leading the charge and wrote “it’s all tax cuts with no spending cuts which = deficits.”

Another twist in the bill is that the resolution makes it impossible for anyone to file disapproval resolutions on tariffs through Sept 30.

Congress will go on a two-week break starting next week. House majority leader Johnson said the goal is to get the budget to the President my Memorial Day (May 26).

This article was written by Adam Button at www.forexlive.com.