The U.S. House of Representatives narrowly passed budget legislation Thursday that could lead to large tax cuts, winning praise from several business groups in the process.

The Senate budget resolution approved by House lawmakers allows congressional Republicans to trim as much as $1.5 trillion in federal spending over the coming decade without needing votes from Democrats, the Washington Post reported.

The legislation passed by a 216-212 vote, with the GOP holdouts coming from lawmakers concerned about proposals to scale back or eliminate deductions for state and local taxes from federal income taxes. http://wapo.st/2yToy78

The budget bill leaves room for tax cuts, but so far Republicans have only released a vague "framework" of what tax changes are in the works. Various groups are working to preserve existing tax breaks that benefit their industries, but for now, many are praising the passage of the budget as a crucial first step for what they view as much-needed tax reform.

"Passage of the budget resolution clears the deck for Congress to go on economic offense and deliver needed tax reform for all Americans," Financial Services Roundtable Executive Director Eric Hoplin said.

Business Roundtable CEO Joshua Bolten said the House vote moves the legislative process "forward to pro-growth tax reform."

"We stand ready to work with Congress and the administration on this critical push to enact tax reform legislation that will support U.S. workers, encourage American investment, and drive job creation and economic growth," Bolten said.

U.S. Chamber of Commerce CEO Tom Donohue also praised the vote, but at the same time warned against eliminating existing tax breaks that benefit businesses.

"As the hard work continues, I urge the business community and members of Congress to refrain from taking shots at individual provisions, and remain committed to advancing a tax reform package that will be a major improvement over the unacceptable status quo," he said.

Some groups are ramping up efforts to preserve those "individual provisions." A video on the front page of the National Association of Realtors urges voters to contact lawmakers to voice opposition to proposals to reduce the mortgage interest deductions and eliminate deductions for state and local taxes. www.nar.realtor

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