The daily business briefing: November 29, 2017

The Senate GOP tax overhaul clears a hurdle, Fed nominee Jerome Powell tells senators a December rate hike is likely, and more

Jerome Powell during his confirmation hearing
(Image credit: SAUL LOEB/AFP/Getty Images)

1. Senate panel advances GOP tax overhaul

The Senate Budget Committee approved the Republican tax overhaul in a 12-11 party-line vote on Tuesday after two GOP senators who have expressed opposition agreed not to block it from advancing to the full Senate. One of the potential GOP holdouts, Sen. Bob Corker (R-Tenn.), said he had received assurances that it would include a "trigger" to "ensure greater fiscal responsibility should economic growth estimates not be realized." The other, Sen. Ron Johnson (R-Wis.), flipped to "yes" to move it along, hoping to get taxes on smaller businesses reduced before a final vote. With a slim 52-to-48 Senate majority and all Democrats opposed, Republicans can only afford two defections and still pass the legislation. Protesters outside shouting "kill the bill" were arrested.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.