washington congressional republicans move hasten overhaul u.s. tax code thursday federal reserve officials warn rare public remark president donald trump tax plan could lead inflation unsustainable federal debt procedural step forward republican-controlled house representatives approve 219-206 vote fiscal 2018 spend blueprint help advance eventual tax bill blueprint contain legislative tool would let republicans pass tax bill simple majority vote senate hold 52 100 seat allow bypass democrats separately senate budget committee approve budget resolution send full senate vote expect oct 16. trump top republicans congress hope enact package tax cut corporations small businesses individuals january pledge sharply low tax boost u.s. economic growth job wag wall street rise step take major market index rise record high close thursday investors warm notion sweep tax overhaul could place first quarter `` sound like 're serious draft tax reform legislation give everyone great confidence might actually happen `` say phil orlando chief equity strategist federate investors new york predict tax reform could lift economic growth corporate earn 2019 send benchmark 500 .spx index 3,000. index thursday finish 2,552.07. federal reserve officials question rosy republican scenario say propose tax cut could deliver short-term growth surge also bring high inflation burdensome government debt level eventual return sub-par economic growth unless target raise productivity underlie potential san francisco feed president john williams say tax cut could fee unsustainable growth would ultimately undo asset price bubble inflation possible recession feed officials generally refrain comment fiscal policy trump administration propose trillion personal corporate tax cut time many economists feel country need massive stimulus procedural action congress set stage possible clash among republicans could delay consideration bill house budget prohibit tax reform add deficit senate version would allow tax legislation lose 1.5 trillion revenue decade republicans claim tax reform would reduce deficit years beyond decade house senate republicans must iron differences approve budget resolution provide republicans legislative advantage require simple majority vote senate know reconciliation criticism feed late hit republican plan democrats assail benefit wealthy americans raise tax middle class cut spend social program include medicare medicaid healthcare program senior citizens poor disable republican lawmakers also question proposal help pay tax cut eliminate popular tax deductions republican fiscal hawk warn back tax reform package add deficit trump tax plan would add 2.4 trillion deficit next decade say nonpartisan tax policy center washington think tank time national debt already exceed 20 trillion money come representative john yarmuth top democrat house budget committee ask house floor listen millionaire probably you senate democrats seek hamstring republican budget resolution amendments would prevent tax legislation benefit wealthy raise tax middle class add deficit republicans successfully turn aside effort vote measure democrats also call end reconciliation legislative procedure would sideline senate vote republicans move tax reform feed officials see economic threats