The daily business briefing: October 20, 2017

Senate approves budget in key step toward tax cuts, Lyft gets $1 billion in financing courtesy of Alphabet, and more

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1. Senate Republicans push through budget, clearing way for tax cuts

The Senate narrowly approved the Republican budget plan, a key step toward their effort to pass President Trump's tax cuts. The spending blueprint could add $1.5 trillion to federal deficits over a decade. It was approved in a 51-49 vote, with budget hawk Sen. Rand Paul (R-Ky.), who argued that the budget should reduce the deficit, casting the lone GOP no vote. The budget plan includes a legislative tool that will let Senate Republicans pass Trump's corporate and individual tax cuts with a simple majority, preventing Democrats from blocking the legislation with a filibuster. That gives the GOP a way to get the tax cuts approved by year's end, without the need for support from any Democrats.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.