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Good morning.

Here’s what you need to know:

Race to overhaul taxes becomes a sprint.

• Republicans in the House narrowly cleared a budget blueprint on Thursday that would allow a tax bill to pass Congress without any Democratic votes. Senate leaders signaled that the bill could be introduced, debated and approved in both chambers by the end of November.

The budget measure would allow for cuts to corporate and individual income tax rates that added up to $1.5 trillion to federal deficits over a decade.

• Our reporters explain the ambitious timeline: “The exacting pace is meant to maximize party cohesion and neutralize attacks by Democrats and business groups. If Republicans stick to it, they will speed what could be a 1,000-page piece of legislation, affecting every corner of the United States economy, through the House and the Senate in less than three weeks.”