GOP Tax Plan Heads to Senate Floor for Vote Likely This Week

It’s time for a national conversation about the Urchin Problem

Lawmakers "alarmed" by EPA's science board changes MORE (Pa.), Patrick Meehan (Pa.), Dave ReichertDavid (Dave) George ReichertMounting GOP retirements threaten House majority The Hill's Whip List: Where Republicans stand on tax-reform bill The future lies in the Asia-Pacific MORE (Wash.) and Michael Turner (Ohio). The Tax Cut Bill is getting better and better. Corker has expressed concern about any steps that would increase the deficit.

Johnson told reporters Monday that he was working to strike a deal with Senate leaders to bring the benefits for those businesses more in line with the cuts planned for large corporations, which would see their income tax rate fall from 35 percent to 20 percent.

The president was having lunch with some members of the Senate Finance Committee ahead of what was expected to be a series of contentious votes in the full Senate later in the week over proposed changes to the labyrinth US tax code. Most individual tax breaks provided in the Senate bill would expire to avoid creating a long-term deficit increase, while corporate reductions would be permanent.

If the Senate approves its tax measure later this week, it would need to be reconciled with a version already approved by the House of Representatives before anything could be sent to the White House for Trump to sign into law.

No official analysis has been released by the Treasury Department or the nonpartisan congressional Joint Committee on Taxation to support the GOP claims that economic growth generated by the tax plan will make up for the massive revenue losses.

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The group discussed a slew of changes to the bill, including a "fiscal trigger", adjustments to the state and local tax deduction repeal, and a follow-up bill for Obamacare. "We got a commitment that puts us in a pretty good place", he said.

Wall Street moved higher on the news that the bill would move to a full Senate vote, with the benchmark S&P 500 .SPX index closing up a little over 1 percent. Details were not immediately available. The committee included two Republican senators, Ron Johnson of Wisconsin and Bob Corker of Tennessee, who had threatened to oppose the tax bill.

Democratic leaders pulled out of a White House meeting Tuesday hours after President Donald Trump took to Twitter to bad-mouth them.

Lawmakers must renew government funding before it expires on December 8 or risk a shutdown.

Democratic Senator Jeff Merkley told MSNBC that the Corker concession was "an absolute gimmick" that could be undermined later. Trump said that "Chuck and Nancy" favor "illegal immigrants flooding into our Country" and are weak on crime.

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