(Bloomberg) -- House Republicans narrowly adopted a budget resolution Thursday unlocking a fast-track process to achieve their long-sought goal of cutting Americans’ taxes by the end of the year.

The next step will be releasing a draft tax measure on Nov. 1.

Related: Trump's tweet won't be final word on 401(k)s and the tax plan

The 216-212 vote allows Congress to enact tax cuts later that increase the federal deficit by up to $1.5 trillion over 10 years. The bill could pass the Senate with just 50 votes -- plus a tie-breaker from Vice President Mike Pence -- bypassing the need for any Democratic support.

"Big news - Budget just passed!" President Donald Trump wrote on Twitter minutes after the vote. House Ways and Means Chairman Kevin Brady of Texas said the budget "just provided the legislative runway" for the tax bill his committee will consider during the week of Nov. 6.

Bank shares reached a decade high after the vote. The KBW bank index gained as much as 1.2 percent to the highest intraday level since November 2007. Bank of America Corp. was up as much as 1.2 percent to highest level since October 2008, while JPMorgan Chase & Co. rose as much as 1.4 percent to a record high.

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