The Budget Committee would be left to decide discretionary caps after 2015 and before 2021.
Finance would be required to reduce tax rates to three tax brackets of rates: of 8-12 percent, 14-22 percent and 23-29 percent. The current top marginal rate is 35 percent.
The corporate tax rate would be between 23 percent and 29 percent, and tax reform would cease taxation of oversees profits.
Sens. Kent Conrad (D-N.D.), Mark WarnerMark WarnerOvernight Cybersecurity: Last-ditch effort to stop expanded hacking powers fails Intel Dems push for info on Russia and election be declassified Senate Dems push Obama for info on Russian election interference MORE (D-Va.), Dick DurbinDick DurbinLawmakers eye early exit from Washington Senators crafting bill to limit deportations under Trump Warren pushes Dems to get tough with Trump MORE (D-Ill.), Mike CrapoMike CrapoEx-Im faces new problems with Trump GOP debates going big on tax reform Top Banking Dem pushes back on Trump Dodd-Frank 'dismantle' MORE (R-Idaho), Saxby ChamblissSaxby ChamblissWyden hammers CIA chief over Senate spying Cruz is a liability Inside Paul Ryan’s brain trust MORE (R-Ga.) and Tom CoburnTom CoburnWill Trump back women’s museum? Don't roll back ban on earmarks Ryan calls out GOP in anti-poverty fight MORE (R-Okla.) back the Gang plan and are hoping to get 60 senators to support it within the next few days. The framework could be attached to the debt-ceiling compromise.