The president will likely need a big tax cut to meet his first big legislative goal of cutting taxes by 25% by 2027, according to the White House budget office.
The White House released the fiscal year 2018 budget on Monday, and the White Senate Budget Office has projected a $2.6 trillion reduction from the budget Trump announced last month.
That includes a $350 billion tax cut for individuals and $200 billion for businesses, with the cuts totaling $1.3 trillion in total over the next 10 years.
But that does not include the $1 billion in tax relief for families and the $300 billion in additional revenue that the president’s plan could generate over the same period.
House Republicans will need a majority of lawmakers to pass the bill.
House Speaker Paul Ryan said Monday that he was hopeful the tax bill could pass in the House.
“We are looking forward to working with the President and Congress on this tax reform bill,” Ryan said in a statement.
Republicans say they are committed to keeping taxes low and cutting spending in the short term to stimulate the economy.
In order to achieve those goals, the budget office projects that the economy will grow by 0.5% over the coming decade, according a summary of the budget.
That would be the slowest growth rate in the last 40 years, according the budget’s analysis.