Key senators announce budget resolution deal, but details are sparse

Key senators announce budget resolution deal, but details are sparse

Senators Bob CorkerRobert (Bob) Phillips CorkerBannon: McConnell 'picking up his game' because of our 'insurgent movement' State Dept. spokeswoman acknowledges 'morale issue' The Hill's 12:30 Report MORE (R-Tenn.) and Pat ToomeyPatrick (Pat) Joseph ToomeyNewly declassified memos detail extent of improper Obama-era NSA spying Overnight Tech: FCC won't fine Colbert over Trump joke | Trump budget slashes science funding | Net neutrality comment period opens Appeals court decision keeps lawsuit against NSA surveillance alive MORE (R-Pa.), key members of the Senate Budget Committee who were at odds over deficit spending, announced a deal for a budget resolution that would pave the way for tax reform, though they left out key details.

“I am confident the budget agreement I have reached with Chairman [Mike EnziMichael (Mike) Bradley EnziGOP senators ask Trump for meeting on biofuels mandate Senate budget just the latest attack on seniors Week ahead: GOP's next steps on tax reform | Fed chief speculation heats up | Senate to vote on disaster relief MORE (R-Wyo.)] and Senator Corker will give the Finance Committee the headroom needed to write a pro-growth tax plan that reforms the code, causes the economy to surge, and ultimately results in reduced federal budget deficits,” Toomey said in a statement.

ADVERTISEMENT

The budget resolution outlines the parameters of a procedure called reconciliation, which allows the Senate to sidestep a filibuster under certain conditions.

The announcement, however, did not include many new details of the agreement, stating only that the resolution "would allow for a tax reduction, as scored on a static basis, over a 10-year period."

Notably absent was a figure for how much of a tax cut would be allowed, a key point of contention.

Earlier reports had Toomey gunning for a $2 trillion tax cut over a decade, while Corker wanted to ensure deficit neutrality. 

The agreement had purportedly been set at $1.5 trillion in cuts, an amount Corker said was only being included to give leeway to tax writers. 

He would be hard-pressed to vote for a tax reform bill that would increase the deficit, he said.

The resolution may be taken up by the committee in the next week or two, Corker said, depending on the fate of the latest attempt to repeal ObamaCare.