TRILLIONS – Week in Brief – April 12, 2025

House Passes Budget Framework & Budget Reconciliation Begins; Tariffs Trigger US-China Trade War; Major Developments Across Govt.; Tax Cuts Will Double Public Debt

(Average Read-Time: 10 minutes)

(1) HOUSE PASSED (216-214) THE SENATE’S REVISED 10-YEAR BUDGET PLAN, beginning the filibuster-proof budget reconciliation process to extend expiring tax cuts, enact new tax cuts, increase spending for defense and immigration enforcement, cut Medicaid and other entitlements, and raise the public debt ceiling.
(2) TRUMP TARIF…