House Republicans released a budget resolution Wednesday that calls for cutting taxes by up to $4.5 trillion and sets a goal of slashing federal spending by $2 trillion.The House Budget Committee is scheduled to consider the blueprint Thursday.

The initial plan calls for $4.5 trillion in tax cuts and at least $1.5 trillion in spending reductions, along with an increase in the debt limit and funds for immigration enforcement.

House Republicans released their long-awaited budget resolution Wednesday, which will allow up to $4.5 trillion to be added to the deficit via tax cuts and look to cut $2 trillion in spending over

The proposal directs several major congressional committees to submit changes to laws in their jurisdiction which amount to a certain reduction in spending.

The House and Senate are both plowing ahead with differing visions for passing President Donald Trump's agenda on Capitol Hill, which will include big spending on border security and defense, along with likely big cuts to programs like Medicaid and food assistance.