WASHINGTON — The Senate Budget panel has approved a fiscal blueprint that would pave the way for a major rewrite of the U.S. tax code, a top priority of President Donald Trump and his GOP allies in Congress.

The panel approved the measure on a party-line vote. The nonbinding plan would permit $1.5 trillion in debt-financed tax cuts. Those would contribute to annual deficits that would never drop below $400 billion – even if the Senate were to pass legislation implementing the measure’s $5 trillion spending cut plan.

The measure faces a floor vote later this month.

Budget Chairman Mike Enzi says the measure would allow “American families and small businesses to keep more of their hard-earned dollars.”

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