On January 5, 2025, newly appointed Senate Majority Leader John Thune outlined his primary focus on addressing the United States' fiscal challenges. During an appearance on NBC's 'Meet the Press,' Thune emphasized the need for long-term solutions to the national debt, which currently stands at $36 trillion.
Thune, who succeeded Mitch McConnell, highlighted military readiness as a significant priority, stating, 'But I think first and foremost it's protecting the country.' He acknowledged the impending fiscal complexities Republicans will face in 2025, including the expiration of tax cuts from 2017 and the return of the debt ceiling.
Republican proposals aim to extend existing tax cuts and introduce additional reforms, potentially adding $3.59 trillion to the deficit from 2025 to 2034, according to estimates from the Tax Foundation. Thune admitted that full funding for these tax reforms may not be achievable, suggesting a combination of growth and spending offsets as potential solutions.
He also mentioned the possibility of using a 'reconciliation' process in the Senate to advance their tax agenda, which would require only a simple majority. This approach may be necessary due to the anticipated Democratic opposition.
Thune plans to introduce two major reconciliation bills: one focused on border security, energy, and national defense, and another targeting tax reform later in the year. Meanwhile, House Republicans are pushing for a unified bill to implement these reforms, a strategy that has reportedly gained support from former President Donald Trump.
Despite endorsing another candidate in the 2024 GOP presidential primary, Thune expressed optimism about collaborating with Trump, stating their relationship is 'evolving' and aligned towards common goals.