Article snippet: Senate Republicans passed a budget late Thursday night, setting the stage for the GOP's ultimate goal of tackling tax reform later this year. The measure is estimated to add $1.5 trillion to the deficit over the next 10 years, and contains about $4 trillion in spending cuts. “We have a once in a lifetime opportunity to replace America’s failing tax codes,” Senate Majority Leader the Senate floor after the bill was approved. The Senate’s plan passed along party lines, with 51 Republicans voting in favor of the bill, and all Democrats voting against it. “This nasty and backwards budget greenlights cuts to Medicare and Medicaid in order to give a tax break to big corporations and the wealthiest Americans,” Senate Minority Leader Chuck Schumer, D-N.Y., said. The 51-49 vote sets the stage for debate later this year to dramatically overhaul the U.S. tax code for the first time in three decades. Sen. Rand Paul of Kentucky was the lone Republican senator who opposed the measure. “I could not in good conscience vote for a budget that ignores spending caps that have been the law of the land for years and simply pretend it didn’t matter,” Paul said in a statement. Following the budget's passage, the White House released the following statement: "President Donald J. Trump applauds the Senate for passing its FY 2018 Budget Resolution today and taking an important step in advancing the Administration’s pro-growth and pro-jobs legislative agenda. This re... Link to the full article to read more