On Thursday, the U.S. House has narrowly passed a $4 trillion budget that clears a key hurdle toward President Donald Trump's goal of cutting taxes.

The 216-212 vote allows Republicans to begin work on a $1.5 trillion tax cut and move it through Congress without fear of blocking tactics by Democrats. The tax bill is the top item on the GOP agenda and would be Trump's first major win in Congress.

The Senate passed the measure last week and the House endorsed it without changes to move quickly to the tax measure.

Congressman Jim Renacci (R) of Ohio was a guest on MSNBC's Velshi & Ruhle show shortly after the House passed the budget. Renacci sparred with the duo about the corporate tax rate initially, making claims that the U.S. had the largest tax rate in the world. Velshi and Ruhle countered with a graphic from the Congressional Budget Office claiming it was much lower.

The topic then switched to the stock market. Renacci's statement that the nation had an anti-business climate "over the last four or five years," caused co-host Ali Velshi to dart out of his chair and point out a graphic on a large board in the studio showing the growth of the stock market from 2009 through present day.

It's a fascinating debate. Watch the entire interview below:

One last note: Renacci, who is running for Ohio governor next year, wrote an op-ed piece for CNBC entitled "Budget bill is a ‘stunt’ and a ‘gimmick’ but I voted for it anyway."

The Associated Press contributed to this story