Daily Traders Edge

Republicans Rush to Build Support Ahead of Senate Tax Debate

November 27
15:52 2017

Republican lawmakers are scrambling to lock up the votes needed to finalize a tax bill that can make it to President Donald Trump’s desk by the end of the year, without the benefit of an important estimate of its possible economic benefits.

A new analysis by the non-partisan Congressional Budget Office released on Sunday estimated the extent that the bill would increase the federal budget deficit over a decade. But the CBO said it hasn’t had time to fully analyze the likely impact on variables such as economic growth or employment.

“I hope we can get it done by Christmas,” Senator Tim Scott of South Carolina said Sunday on ABC’s “This Week.” “If not, we’ll be here through Christmas, looking at the end of the year.”

Republican leaders in the Senate plan a make-or-break floor vote on their bill as soon as Nov. 30. Democrats are expected to try to delay or derail the measure, and Republicans must hold together at least 50 votes from their thin, 52-vote majority in order to prevail.

Continue Reading at Bloomberg

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