The plan, outlined by incoming Senate Majority Leader John Thune during a recent closed-door party meeting, aims to prioritize issues such as border security, energy deregulation, and defense spending before addressing tax cuts.

With a 53-47 majority in the Senate, the Republicans plan to utilize a parliamentary maneuver to bypass the filibuster, which typically requires 60 votes to advance most legislation.

The first bill is expected to focus on Trump’s key initiatives, while the second will seek to extend tax cuts from the 2017 Tax Cuts and Jobs Act, set to expire next year.

House Speaker Mike Johnson emphasized the need for consensus among party members as they finalize the provisions for both packages.

He also indicated that Congress will likely pursue a continuing resolution to fund federal agencies until March, as current funding is set to expire on December 20.

Before moving forward with the first reconciliation bill, both the House and Senate must agree on a budget resolution to enable the reconciliation process.

Republican senators aim to complete this budget agreement by the end of January, with the goal of finalizing the first bill by March 31.

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Senator Mike Rounds noted the importance of capitalizing on their two-year majority to implement significant changes.

However, fiscal conservatives like Senator Rand Paul expressed concerns about the potential costs associated with the proposed tax cuts, emphasizing the need for accompanying spending cuts.

Republicans face significant financial implications, as extending Trump’s tax cuts for individuals and small businesses could add approximately $4 trillion to the national debt over the next decade.