The 2025 Agenda: Debt and Taxes

Facing the Future

This week on Facing the Future we looked at how the new Republican majorities in the House and Senate are expected to handle major issues such as tax cuts, tariffs, government waste, and the debt limit. Our guests were Brian Riedl of the Manhattan Institute and Ben Ritz of the Progressive Policy Institute.

There has been a lot of discussion in Washington about the major fiscal cliff coming up at the end of 2025 when a portion of the 2017 Trump tax cuts expire. Before the elections, most of the talk had been about the trade-offs that might be needed to get an agreement between the parties.

But now, with the Republicans taking control of the House, Senate, and White House, it’s possible that Republicans can get what they want without compromising with Democrats by passing a budget resolution with reconciliation instructions, which is a budget process maneuver that would allow them to overcome a filibuster by Democrats in the Senate.