Morning Roundup: “Speed Bump” Edition
Man, these headlines cannot be what Leader McConnell was hoping to see this morning. After the JCT’s dynamic score confirmed the GOP tax scam won’t result in the economic growth that Republicans promised, Senate Republican leaders are rushing to rewrite their tax bill in their effort to jam it through the Senate today. Take a look at how the dysfunction and disarray are playing out in the news:
Politico: Republicans rewriting tax bill — with fight pushed into Friday
“Senate Republicans are still scrambling to win over enough votes to pass their massive tax code overhaul, with major changes to the bill still up in the air and debate pushed into Friday.”
“But it was clear Senate Republicans still have myriad issues to resolve in order to lock down at least 50 votes to ensure final passage of the tax bill on the floor. Republicans are using powerful budget procedures to evade a Democratic filibuster.”
NPR: Senate GOP Tax Bill Hits Speed Bump Over Deficits
“Senate Republicans ran into a speed bump Thursday evening in their quest to pass a tax overhaul by the weekend, over concerns that the bill could fall far short of GOP promises of economic growth.”
“Deficit hawks threatened to abandon the legislation over those concerns, sending leaders back to the drawing board to find ways to scale back the cost of the $1.4 trillion tax plan. The fight over the long-term cost of the tax overhaul could force leaders to scale back plans for permanent corporate rate cuts, greatly reducing the ambition of the tax overhaul.”
“Progress on the bill ground to a sudden halt on Thursday evening after deficit hawks received word that their back up plan to keep the cost of the legislation under control would violate Senate budget rules.”
New York Times: Republican Tax Bill Hits Snag Over Deficit Concerns
“The Senate Republican tax bill, which had appeared to be cruising to victory, suffered a setback late on Thursday as lawmakers were forced to contemplate significant changes, including future tax increases, to help pay for the legislation.”
“The bill had gained momentum in the morning when it picked up a key swing vote. But it came to a grinding, if temporary, halt, as senators scrambled in the early evening to find ways to raise several hundred billion dollars after some members objected to moving forward without a plan to safeguard against ballooning the deficit.”
“Now, they are under pressure to cut the cost of their bill by as much as one-third, a situation that could require Republicans to insert future tax increases into what was posited as a giant tax cut. That could complicate the final approval of the tax rewrite, particularly with House Republicans, who will be loath to approve a bill that would effectively raise taxes on companies and individuals after a period of lower taxes.”
Washington Post: Senate GOP tax plan hits deficit snag, leaving leaders scrambling
“A fast-moving Senate Republican effort to overhaul the tax code unexpectedly stalled Thursday evening over concerns about the federal deficit, leaving the GOP without a clear plan to pass the legislation.”
“Now, Republican leaders may have to brace for an intraparty battle over how far to go to accommodate deficit concerns. Other Republicans are arguing strongly against reducing the size of the bill’s tax cut, as may now be necessary to satisfy the deficit hawks.”
“Republicans are scrambling for a path forward as the result of two successive setbacks suffered Thursday as they moved toward a vote. First, the Joint Committee on Taxation, Congress’s nonpartisan scorekeeper, reported that the tax bill would not generate nearly as much economic growth over the next 10 years as Republicans had expected. As a result, the nation’s deficit would be $1 trillion higher.”
“The party had been within grasp of their biggest legislative victory during the Trump administration, and they were trying to prevent the effort from unraveling.”
“Beyond the deficit demands, GOP leaders face a growing split over how large of a tax break the bill should give to corporations. In current form, the bill would drop the corporate tax rate from 35 percent to 20 percent starting in 2019, but multiple Republicans are pushing for changes.”
The Hill: Senate leaders push tax debate into Friday
“Senate Republicans are pushing work on their tax bill into Friday as they try to address concerns over the deficit.”
“The decision to skip a late-night session on Thursday comes as deficit hawks, led by Sen. Bob Corker (R-Tenn.), push for a guarantee that the Senate tax legislation won't increase the deficit.”
“The 11th-hour scramble to work out a deal on the deficit made it appear increasingly unlikely that Republicans would be able to pass their tax bill on Thursday night.”
Chicago Tribune: As deadline nears today, Senate GOP hustles to rewrite tax bill behind closed doors
“Senate Republicans are stepping quickly to meet competing demands of holdout GOP senators for a tax overhaul package expected to add $1 trillion to the nation's deficit over 10 years.”
“The leaders were making major changes up to the last minute, including one that would roll back some of the tax cuts after six years to appease deficit hawks — notably Sens. Bob Corker of Tennessee and Jeff Flake of Arizona.”
Politico: Republicans rewriting tax bill — with fight pushed into Friday
“Senate Republicans are still scrambling to win over enough votes to pass their massive tax code overhaul, with major changes to the bill still up in the air and debate pushed into Friday.”
“But it was clear Senate Republicans still have myriad issues to resolve in order to lock down at least 50 votes to ensure final passage of the tax bill on the floor. Republicans are using powerful budget procedures to evade a Democratic filibuster.”
NPR: Senate GOP Tax Bill Hits Speed Bump Over Deficits
“Senate Republicans ran into a speed bump Thursday evening in their quest to pass a tax overhaul by the weekend, over concerns that the bill could fall far short of GOP promises of economic growth.”
“Deficit hawks threatened to abandon the legislation over those concerns, sending leaders back to the drawing board to find ways to scale back the cost of the $1.4 trillion tax plan. The fight over the long-term cost of the tax overhaul could force leaders to scale back plans for permanent corporate rate cuts, greatly reducing the ambition of the tax overhaul.”
“Progress on the bill ground to a sudden halt on Thursday evening after deficit hawks received word that their back up plan to keep the cost of the legislation under control would violate Senate budget rules.”
New York Times: Republican Tax Bill Hits Snag Over Deficit Concerns
“The Senate Republican tax bill, which had appeared to be cruising to victory, suffered a setback late on Thursday as lawmakers were forced to contemplate significant changes, including future tax increases, to help pay for the legislation.”
“The bill had gained momentum in the morning when it picked up a key swing vote. But it came to a grinding, if temporary, halt, as senators scrambled in the early evening to find ways to raise several hundred billion dollars after some members objected to moving forward without a plan to safeguard against ballooning the deficit.”
“Now, they are under pressure to cut the cost of their bill by as much as one-third, a situation that could require Republicans to insert future tax increases into what was posited as a giant tax cut. That could complicate the final approval of the tax rewrite, particularly with House Republicans, who will be loath to approve a bill that would effectively raise taxes on companies and individuals after a period of lower taxes.”
Washington Post: Senate GOP tax plan hits deficit snag, leaving leaders scrambling
“A fast-moving Senate Republican effort to overhaul the tax code unexpectedly stalled Thursday evening over concerns about the federal deficit, leaving the GOP without a clear plan to pass the legislation.”
“Now, Republican leaders may have to brace for an intraparty battle over how far to go to accommodate deficit concerns. Other Republicans are arguing strongly against reducing the size of the bill’s tax cut, as may now be necessary to satisfy the deficit hawks.”
“Republicans are scrambling for a path forward as the result of two successive setbacks suffered Thursday as they moved toward a vote. First, the Joint Committee on Taxation, Congress’s nonpartisan scorekeeper, reported that the tax bill would not generate nearly as much economic growth over the next 10 years as Republicans had expected. As a result, the nation’s deficit would be $1 trillion higher.”
“The party had been within grasp of their biggest legislative victory during the Trump administration, and they were trying to prevent the effort from unraveling.”
“Beyond the deficit demands, GOP leaders face a growing split over how large of a tax break the bill should give to corporations. In current form, the bill would drop the corporate tax rate from 35 percent to 20 percent starting in 2019, but multiple Republicans are pushing for changes.”
The Hill: Senate leaders push tax debate into Friday
“Senate Republicans are pushing work on their tax bill into Friday as they try to address concerns over the deficit.”
“The decision to skip a late-night session on Thursday comes as deficit hawks, led by Sen. Bob Corker (R-Tenn.), push for a guarantee that the Senate tax legislation won't increase the deficit.”
“The 11th-hour scramble to work out a deal on the deficit made it appear increasingly unlikely that Republicans would be able to pass their tax bill on Thursday night.”
Chicago Tribune: As deadline nears today, Senate GOP hustles to rewrite tax bill behind closed doors
“Senate Republicans are stepping quickly to meet competing demands of holdout GOP senators for a tax overhaul package expected to add $1 trillion to the nation's deficit over 10 years.”
“The leaders were making major changes up to the last minute, including one that would roll back some of the tax cuts after six years to appease deficit hawks — notably Sens. Bob Corker of Tennessee and Jeff Flake of Arizona.”