Such a proposal could pass the more conservative House, but it is DOA in the Senate. They are struggling to find moderate Republicans willing to sign off on their healthcare bill; now they want them to cut taxes for the rich and corporations, grow the military budget, and slash funding to programs for the poor? Republican Senators from states that are even remotely Senate swing states will never sign their name on that legislation if they value their careers, especially if they are up for reelection in 2018.
Could you see less substantial cuts, but cuts nonetheless, passing? The trend so far does seem to be that the House passes something disgusting, the Senate basically throws it out the window and then in the end, Republicans get little of what they originally wanted, if anything. Now that tax cuts for the wealthy are on the table, I'm wondering if they can find a way to cut
something, even if it doesn't meet their original goal.
Personally, I think that they will try and cut stuff, probably will fail and despite initial efforts and past whining about the debt/deficit when Obama was in office, they will pass large tax-but-temporary tax cuts funded by deficit spending anyway.