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: House Intel chair says surveillance collected on Trump transition team Dem senator: House Intel chairman may have revealed classified info Dem senator wants Manafort to testify before Intelligence Committee MORE (D-Va.), Dick DurbinDick DurbinGorsuch rewrites playbook for confirmation hearings Gorsuch: I'm 'sorry' for ruling against autistic student Mattis on defense budget boost: 'America can afford survival' MORE (D-Ill.), Mike CrapoMike CrapoOvernight Finance: Biz groups endorse Trump's Labor pick | New CBO score coming before health bill vote | Lawmakers push back on public broadcasting cuts Senate Banking panel seeks proposals for economic growth GOP lawmakers lead way in holding town halls 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 CoburnDon't be fooled: Carper and Norton don't fight for DC Coburn: Trump's tweets aren't presidential The road ahead for America’s highways 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.