U.S. President Donald Trump touted the passage of a Senate budget blueprint Friday and said the deal would be the precursor to the biggest tax cuts in American history.

Senate lawmakers voted largely on party lines late Thursday to pass a fiscal 2018 budget resolution that will likely be supported by the House of Representatives and could pave the way for tax cut legislation in the coming months. The Thursday will enable the tax legislation to be addressed through the budget reconciliation process, which requires a simple majority vote in the chamber as opposed to 60. Republicans hold 52 of the 100 seats in the Senate, against 48 held by Democrats. Republican Senator Rand Paul from Kentucky voted against the Senate budget.

"This resolution creates a pathway to unleash the potential of the American economy through tax reform and tax cuts, simplifying the overcomplicated tax code, providing financial relief for families across the country, and making American businesses globally competitive," the White House said in a statement. 

The Budget passed late last night, 51 to 49. We got ZERO Democrat votes with only Rand Paul (he will vote for Tax Cuts) voting against.....

— Donald J. Trump (@realDonaldTrump) October 20, 2017

....This now allows for the passage of large scale Tax Cuts (and Reform), which will be the biggest in the history of our country!

— Donald J. Trump (@realDonaldTrump) October 20, 2017

The Senate's budget allots for $1.5 trillion in tax cuts over the course of the decade, equivalent to around 0.6% of current GDP.

Goldman Sachs analysts said in a note last month that "even if this tentative budget agreement in the Senate becomes official the forthcoming proposal would have to be scaled substantially to fit within the fiscal constraints Congress is likely to impose."

Nonetheless, the Senate's passage lifted global stocks overnight and pushed benchmark 10-year U.S. government bond yields 4 basis points higher to around 2.37%, the highest in a month, and lifted the dollar index 0.2% higher against a basket of six global currencies to 93.52 in early European trading.

Wall Street futures are also trading higher, indicating a 81 point gain for the Dow Jones Industrial Average and a 4.75 point, or 0.2% advance, for the broader S&P 500.

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