Senate Tax Bill Hits a Late-Stage Snag Over Deficit Concerns

Jenna Warner
December 3, 2017

"Out of 52 Republican senators, 51 voted and we ended up doing it and we didn't need our great vice president to break the tie", Trump said Saturday.

Senate Republicans are using special budget reconciliation rules to pass the tax bill with a simple majority and avoid a filibuster by Democrats.

And even if Democrats went along with these measures as a way to help stabilize Obamacare, opening up spending bills to such legislation is going to inspire all sorts of demands from Republicans as well as Democrats under circumstances where one false step could shut down the government, possibly in the middle of the holidays.

Senate Republican leaders wrangled with the last few GOP holdouts Thursday as they pushed toward passing the first major rewrite of the nation's tax code in more than three decades, a package that would impact rich and the poor as well as businesses big and small. It was "regular order", after all, that made the list of grievances Sen.

Late Friday morning, with the fate of the GOP tax bill up in the air, Senate Majority Leader Mitch McConnell broke his usual tradition of strolling silently past reporters by issuing the single sentence: "We have the votes".

So why did Corker pass on the chance?

The Senate Republican tax plan looked increasingly like a sure thing Thursday.

"Because the bill was given to lobbyists to read and change before senators saw it, and because the bill was given to us on a few hours" notice and has not been read fully or considered fully by a single senator, I move we adjourn until Monday so we can first read and then clean up this bad piece of legislation, ' Schumer said. "I can read one word; it's called 'add this language'".

Under the bill, the corporate tax rate would be permanently slashed to 20 percent from 35 percent, while future foreign profits of US-based firms would be largely exempted from tax - both changes pursued by corporate lobbyists for years. Jeff Flake, R-Ariz., and Sen. On Thursday, the nonpartisan Joint Committee on Taxation released a report saying the legislation would add $1 trillion to the deficit over the next 10 years, even with tax-driven economic growth projections factored in.

The Senate bill would eliminate the individual mandate in the Affordable Care Act, which requires federal filers to buy insurance or pay an IRS penalty. "I came here because of fiscal concerns". And I said to my guys. Steve Daines, R-Mont., and Ron Johnson, R-Wis., earlier Friday said they would back the bill after securing further tax relief for pass-through businesses.

"This is yet another tough vote". Bob Corker, opposed it. "But at the end of the day, I am not able to cast aside my fiscal concerns and vote for legislation that I believe, based on the information I now have, could deepen the debt burden on future generations".

Sen. Elizabeth Warren of MA tweeted, 'No, I haven't had time to read the 500-page #GOPTaxScam bill that we're voting on tonight, ' with a photo of her reading aloud from pages at her desk. This time, it appears there's nothing Corker can do to stop it.

Other reports by Insurance News

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