Earlier I wrote about the 2015-17 operating budget proposal that the Senate Ways and Means Committee passed last week. Rep. Ross Hunter has now released his new proposal. It would spend $38.5 billion — $633 million more than the new Senate proposal, and $450 million less than the version passed by the House in April.

The budget that passed the House assumed enactment of about $1.5 billion in new taxes. This proposal drops most of that, but retains a capital gains tax, which is estimated to bring in $550 million in 2015-17. (As we’ve written, the May revenue forecast de-escalated calls for new taxes.)