Senate Republicans are rewriting major parts of their tax plan after Thursday night setbacks
The Senate Republican tax overhaul appeared heading to party-line approval on Thursday evening when a few things happened that derailed the vote until Friday.
First, the official congressional Joint Committee on Taxation found that the $1.63 trillion plan would add $1 trillion to the federal deficit even when accounting for economic growth. That led to three Republican senators — Bob Corker (Tenn.), Jeff Flake (Ariz.), and Ron Johnson (Wis.) — considering approving a Democratic amendment to send the entire bill back to the Finance Committee for a rewrite, until a scrum of GOP senators convinced them to vote against the measure. And then the Senate parliamentarian, Elizabeth MacDonough, ruled that a proposed deficit-limiting "trigger" provision was not allowed under rules Republicans are relying on to pass the measure with no Democratic votes.
Corker and two other Republicans had insisted on such a mechanism to prevent the bill from blowing a hole in the deficit if the GOP's growth estimates fell short, as the JCT analysis predicted they would. Corker was heard on the floor telling GOP leaders "the problem" and "one trillion off." Republicans are working overnight to add as much as $500 billion in revenue to the bill, with options including a rules-compliant trigger, incremental increases in the corporate tax rate, and keeping an alternative minimum tax for some wealthy individuals and corporations.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The voting will begin again at 11 a.m. Friday morning.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Today's political cartoons - November 23, 2024
Cartoons Saturday's cartoons - qualifications, tax cuts, and more
By The Week US Published
-
Long summer days in Iceland's highlands
The Week Recommends While many parts of this volcanic island are barren, there is a 'desolate beauty' to be found in every corner
By The Week UK Published
-
The Democrats: time for wholesale reform?
Talking Point In the 'wreckage' of the election, the party must decide how to rebuild
By The Week UK Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published