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.

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 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.