WASHINGTON -LRB- CNN -RRB- -- The House of Representatives passed a $ 3.55 trillion budget for fiscal year 2010 Thursday night , capping off weeks of acrimonious partisan debate and a long day of voting marked by the defeat of several alternative plans . The U.S. House passed a $ 3.55 trillion budget for fiscal year 2010 Thursday night . The House version of the budget passed by a margin of 233-196 in a virtual party-line vote . All but 20 House Democrats supported it ; no House Republican voted in favor . In London , England , where he has been attending the Group of 20 summit , President Obama lauded the House vote . `` Tonight , the House of Representatives took another step toward rebuilding our struggling economy , '' he said in a statement . `` And by making hard choices and challenging the old ways of doing business , we will cut in half the budget deficit we inherited within four years . With this vote comes an obligation to pursue our efforts to go through the budget line-by-line , searching for additional savings . Like the families we serve , we must cut the things we do n't need to invest in those we do . '' The Senate plans a vote on its $ 3.53 trillion version of the budget later Thursday night . That vote , too , is expected to fall on party lines . Moderate GOP Sens. Arlen Specter of Pennsylvania and Olympia Snowe and Susan Collins of Maine , who voted in favor of Obama 's stimulus bill last month , intend to vote against what is essentially the blueprint of Obama 's economic policies going forward . The House budget largely tracks Obama 's initial proposed spending plan , with the exception of a decision to drop his $ 250 billion request for potential future bailouts of struggling financial institutions . Watch more on Obama 's budget details '' Fiscally conservative House Democrats , known as Blue Dogs , also negotiated with House Democratic leaders to cut $ 7 billion from the president 's $ 540 billion request for nondefense discretionary spending . Under the House Democrats ' plan , the federal government will run an anticipated deficit of $ 1.2 trillion in the next fiscal year . Their plan promises to cut the deficit by more than half by 2013 . House Democrats agreed to extend the middle class tax cut that was included in the recently passed economic stimulus plan , but failed to specify how the cut would be paid for after 2010 . They also included language that allows for the controversial procedure called `` budget reconciliation '' for health care , a tool that would limit debate on major policy legislation . Senate Democrats did not include reconciliation in their version of the budget . The matter is guaranteed to be a major partisan sticking point when the two chambers meet to hammer out a final version of next year 's spending plan . If it passes , it would allow the Senate to pass Obama 's proposed health-care reform without the threat of a Republican-led Senate filibuster . Sen. Mike Enzi , R-Wyoming , speaking for most of his GOP Senate colleagues , warned Tuesday that if a health-care `` reconciliation winds up in the budget bill , it 'll be like a declaration of war . ... I hope that that wedge does n't get thrown in there . '' Both the House and the Senate version of the budget allow former President George W. Bush 's tax cuts for couples who make more than $ 250,000 to expire in 2010 , and both plans let Obama 's signature tax cuts -- $ 400 for individuals and $ 800 for couples -- expire as well , unless the White House finds a way to pay for them . Under the House plan , the cuts would expire in 2010 ; in the Senate plan , they would expire in 2012 . Key differences between House and Senate include deficits and nonmilitary discretionary spending . The House budget would reduce the deficit from $ 1.7 trillion in 2009 to $ 598 billion in 2014 , House Democrats said , while the Senate Democrats say their plan would bring the deficit down an additional $ 80 billion . The House rejected an alternative proposal put forward by the GOP leadership , which called for $ 4.8 trillion less in overall spending over the next decade , in part through a five-year freeze in most non-defense discretionary spending . `` House Republicans were united in the desire to find reasonable solutions for middle-class families , focused directly on creating jobs , tax relief and empowering small businesses to survive and grow , '' said House Minority Whip Eric Cantor . `` The Republican budget was crafted to help those Americans worried about their jobs , their health care , their financial security , and their real fears that Washington is spending and borrowing money that America does not have . Republicans offered a comprehensive budget that provides the American people with the ideas , energy and common-sense solutions they are looking for . '' Among other things , the House GOP 's version of the budget would have repealed the entire $ 787 billion economic stimulus package except for an extension of unemployment insurance benefits . It also would have rolled back a recently passed 8 percent spending boost in the budget for the remainder of the current fiscal year . Watch more on the GOP budget alternative '' Thirty-eight Republicans voted against their own leadership 's bill in that vote , while two Democrats voted in favor of it . The final vote was 293-137 against the GOP proposal . Overall , the Republican version of the budget called for $ 3.6 trillion less in borrowing over the next 10 years . CNN 's Dana Bash and Deirdre Walsh contributed to this report