House Republicans released a budget resolution Wednesday that calls for cutting taxes by up to $4.5 trillion and sets a goal of slashing federal spending by $2 trillion.The House Budget Committee is scheduled to consider the blueprint Thursday.

The initial plan calls for $4.5 trillion in tax cuts and at least $1.5 trillion in spending reductions, along with an increase in the debt limit and funds for immigration enforcement.

WASHINGTON — House Republicans released a budget plan Wednesday that sets the stage for advancing many of President Donald Trump’s top domestic priorities, providing for up to $4.5 trillion in tax cuts and a $4 trillion increase in the debt limit so the U.S. can continue financing its bills.

House Republicans released their long-awaited budget resolution Wednesday, which will allow up to $4.5 trillion to be added to the deficit via tax cuts and look to cut $2 trillion in spending over

The House committee with authority over Medicaid is tasked with saving $880 billion to finance lower taxes for corporations and wealthy households.

The proposal directs several major congressional committees to submit changes to laws in their jurisdiction which amount to a certain reduction in spending.

The House GOP would fall short of Trump’s ambitious revenue goals—making the expiring provisions of the TCJA permanent and enacting additional tax cuts he proposed.