House Republicans on Wednesday released their first draft budget resolution, showing the chamber's plans to pass President Donald Trump's legislative agenda, and includes plans to cut federal spending by $1.5 trillion over the next decade.

The budget comes one day before the House Budget Committee is scheduled to mark up its proposal, and comes the day after the Senate Budget Committee released its outline. Both chambers need to pass the same bill before it can take effect.

The new plan would allow Congress to raise the debt ceiling by $4 trillion, it includes at least $4.5 trillion in tax cuts, and would provide approximately $300 billion for new defense and border spending, according to Politico.

House Speaker Mike Johnson appeared cautiously optimistic about the bill in a statement on X, admitting that there would be a lot of work done before the bill is passed, but claimed it was necessary to pass the president's agenda.

"This budget resolution is a key step to start the process in delivering President Trump’s America First agenda," Johnson wrote in the post. "With nearly every House Republican directly engaged in this deliberative process, this resolution reflects our collective commitment to enacting the President's full agenda—not just a part of it." 

The House Budget Committee is expected to vote on the resolution on Thursday, at 10 a.m. Eastern.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.