Paul Ryan: We are bringing the budget to the floor next week

  • House Speaker Paul Ryan says the fiscal 2018 budget will go to the House floor next week.
  • Passing a budget resolution opens the door to use reconciliation to pass a tax reform bill.
  • Republicans want to approve an overhaul of the American tax system by the end of the year.

House Speaker Paul Ryan told CNBC on Thursday the fiscal 2018 budget will go to the floor next week.

By passing a budget resolution, Republicans can approve new reconciliation instructions that they can use to pass a tax bill with only a majority vote.

"Instead of having some possible government shutdown issue on the floor next week, we've got the budget on the floor next week, which gets us tax reform," Ryan said on "Squawk Box."

The GOP hopes to pass the tax overhaul this year. Republicans took the first step toward that Wednesday, releasing the framework of a plan that still misses many key details.

Passing a budget resolution is a crucial step because the GOP can then use reconciliation to pass a tax plan with a party-line vote. The existing reconciliation for 2017 expires Saturday. Republican senators have given up on passing a bill to repeal and replace Obamacare before then after multiple failures this year.

Earlier this month, Congress passed a plan to extend the debt ceiling and fund the government into December. That eliminated two deadlines lawmakers would have had to deal with this week and next week.