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By a vote of 318 to 109, the House on Thursday approved the tax-cut package, which will add more than a half-trillion dollars to the deficit, and supporters and critics alike said that the bill represented Mr. Ryan’s deeply held belief that tax cuts ultimately pay for themselves by fostering economic growth. The measure would postpone some key components of the Affordable Care Act, by delaying, for example, the so-called Cadillac tax on high-cost, employer-sponsored health plans. (Herszenhorn, 12/17)

Going forward, Republicans will need to do less annual maintenance work in the tax code because fewer provisions will expire, thus freeing up time for their bigger goal of lowering tax rates and broadening the tax base. By locking the breaks in now, Republicans also lower the government’s total revenue forecast for the next decade. (Rubin, 12/17)

The tax and spending package is the last major legislation that Congress will pass before it adjourns for the year. It was the first big budget compromise negotiated under new House Speaker Paul Ryan, R-Wis. (Kelly, 12/17)