This just in...The Senate Parliamentarian has ruled that there cannot be a budget trigger..that many wanted..to ensure that there was an offset to lower than expected revenues.
This places the bill in jeopardy. Lots of Drama.
looks like no vote this evening.
Senate Suspends Bill Votes to Friday Morning: Tax Debate Update
"After seeming to gain momentum during the day, the GOP’s tax cut plan smacked into a decision from the Senate’s rule-making office that said a so-called trigger proposed by GOP holdouts didn’t pass procedural muster. At least three Republicans -- Bob Corker of Tennessee, Jeff Flake of Arizona and James Lankford of Oklahoma -- had tied their votes to the mechanism, which would have increased taxes if revenue targets weren’t met. The trio is now demanding that leaders agree to other changes in the bill to avoid a huge deficit increase.
Republicans have a slim majority in the Senate and can only afford to lose two members if they want to pass the tax bill without Democratic support.
Adding to the difficulty was a ruling by a key fiscal referee that the tax plan would blow a $1 trillion hole in the nation’s debt -- even after accounting for economic growth.
The day’s events left GOP leaders contemplating a variety of potentially unpalatable measures -- including making some tax cuts on the individual and corporate side end within six or seven years. The current version of the Senate bill would sunset individual breaks in 2026."
This places the bill in jeopardy. Lots of Drama.
looks like no vote this evening.
Senate Suspends Bill Votes to Friday Morning: Tax Debate Update
"After seeming to gain momentum during the day, the GOP’s tax cut plan smacked into a decision from the Senate’s rule-making office that said a so-called trigger proposed by GOP holdouts didn’t pass procedural muster. At least three Republicans -- Bob Corker of Tennessee, Jeff Flake of Arizona and James Lankford of Oklahoma -- had tied their votes to the mechanism, which would have increased taxes if revenue targets weren’t met. The trio is now demanding that leaders agree to other changes in the bill to avoid a huge deficit increase.
Republicans have a slim majority in the Senate and can only afford to lose two members if they want to pass the tax bill without Democratic support.
Adding to the difficulty was a ruling by a key fiscal referee that the tax plan would blow a $1 trillion hole in the nation’s debt -- even after accounting for economic growth.
The day’s events left GOP leaders contemplating a variety of potentially unpalatable measures -- including making some tax cuts on the individual and corporate side end within six or seven years. The current version of the Senate bill would sunset individual breaks in 2026."
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