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Hatch, Lee celebrate 'historic' passage of GOP tax bill

Hatch, Lee celebrate 'historic' passage of GOP tax bill

And despite Republicans' longstanding fear of increasing the deficit, the bill will add an estimated $1.5 trillion in federal debt.

Collins told reporters Wednesday that she has a commitment from Republican Senate Majority Leader Mitch McConnell that both Alexander-Murray and Collins-Nelson bills are "must-pass" bills this year.

As the Senate neared a momentous vote on the sweeping Republican tax bill, Senate Democrats mocked the almost 500-page printed text of the legislation - complaining it was given to them at the last minute before the vote.

In a late night rewrite of the bill, the text of which has not yet seen the light of day, leadership won over a couple of other holdouts by making the tax break for so-called pass-through corporations more generous-up from 17.4 percent to 23. Republicans have cast passage of a tax overhaul as a political imperative to ensure they hold their House and Senate majorities in next year's midterm elections.

Because the House passed a different tax-slashing bill, the probable effect of Senate approval - provided the House doesn't pass the Senate's version - would be a conference committee in which lawmakers from both chambers fashion a compromise that could include elements of either bill.

Republicans failed in their efforts to repeal the Obamacare healthcare law over the summer and Mr Trump's presidency has been hit by White House in-fighting and by a federal investigation into possible collusion previous year between his election campaign team and Russian officials. "We can quibble about how much growth, but what counts is the economy growing".

More news: Check out the only supermoon of 2017 this weekend

Corker had hoped to find another way to add more tax revenue back into the bill and shrink its deficit gap, but conservatives balked at that plan.

John Cornyn, the Senate's second-ranking Republican, according to The Washington Post. Murkowski got the provision added earlier this week, but the initial version violated arcane Senate rules about which provisions can be added to the tax bill.

Collins would make up the estimated $146 billion in lost revenue by keeping the personal income tax rate for the wealthiest earners at 39.6 percent and make a smaller cut in the corporate tax rate. "We have done it and we're ready to go", she said.

"Because the bill was given to lobbyists to read and change before senators saw it, and because the bill was given to us on a few hours" notice and has not been read fully or considered fully by a single senator, I move we adjourn until Monday so we can first read and then clean up this bad piece of legislation, ' Schumer said. Trump administration officials and many Republicans have insisted the bill would pay for itself by stimulating the economy. Lawmakers will have to work out agreements on the estate tax, which the House bill repeals but the Senate bill merely reduces, and differences on provisions governing "pass-through" businesses that pay individual instead of corporate taxes.

"Out of 52 Republican senators, 51 voted and we ended up doing it and we didn't need our great vice president to break the tie", Trump said Saturday.


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