The House of Representatives on Thursday narrowly passed the 2018 budget resolution, marking an important step towards tax legislation for the GOP.

The resolution, which passed the Senate last week, made it through the House by a slim 216-212 margin. The maneuver paves the way for Republicans to cut taxes by as much as $1.5 trillion over the course of a decade without any Democratic votes.

The GOP has yet to put forth its tax bill beyond the nine-page framework released by White House officials and Republican leaders in September. They are expected to release an initial version of legislation by next week, and after that, much of the real action will begin. Republicans need to close loopholes and find revenue-raisers to pay for the cuts they're proposing and are likely to face fierce pushback from lobbyists, businesses and affected parties.

"Tax reform is ambitious and historically difficult, and single-party control of government does not guarantee passage," Barclays analysts Jeffrey Meli and Shawn Golhar wrote in a note on Thursday. "In addition, President Trump has become more adversarial with the GOP-controlled Congress, taking positions that are forcing Congressional action on a number of controversial issues, such as immigration and the Iran deal."

President Donald Trump celebrated the budget's passage soon after the votes were cast.

Committee for a Responsible Federal Budget president Maya MacGuineas slammed Republicans in a statement for choosing a path on the resolution "of gimmicks, debt, and absolutely zero fiscal restraint." 

Markets, buoyed by earnings from big names such as Twitter Inc. (TWTR) - Get Report and Ford Motor Co. (F) - Get Report , welcomed the news but were not particularly moved by it. The Dow Jones Industrial Average was up 0.43% in late-morning trading on Thursday, the S&P 500 gained 0.31% and the Nasdaq climbed 0.22%.

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