Senators nearing deal on budget’s tax provisions

Senators nearing deal on budget’s tax provisions
© Greg Nash
Members of the Senate Budget Committee say they are close to an agreement on a budget deal that would pave the way for tax reform, which could include a provision for a $1.5 trillion tax cut over the course of a decade.
 
“We’ll have something for you a little later today,” Sen. Pat ToomeyPatrick (Pat) Joseph ToomeyOvernight Defense: Pick for South Korean envoy splits with Trump on nuclear threat | McCain blasts move to suspend Korean military exercises | White House defends Trump salute of North Korean general WH backpedals on Trump's 'due process' remark on guns Top GOP candidate drops out of Ohio Senate race MORE (R-Pa.), a member of the panel, said Tuesday following meetings with fellow committee member Bob CorkerRobert (Bob) Phillips CorkerSenate chaplain offers prayer 'as children are being separated from their parents' Senate passes 6B defense bill This week: House GOP caught in immigration limbo MORE (R-Tenn.) and Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellSenate passes 6B defense bill Poll: Kim Jong Un has higher approval among Republicans than Pelosi The Hill's Morning Report — Sponsored by PhRMA — Outcry raises pressure on GOP for immigration fix MORE (R-Ky.).
 
Toomey had been pushing for $2 trillion in cuts to be included in the resolution.
 
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“Corker and Toomey probably represent the far end of the spectrum within our conference of what they want to see that look like, and the fact that they’re getting together leads me to believe that we’re close to getting a budget that they can put out of committee and we can consider on the floor,” said Sen. John ThuneJohn Randolph ThuneTrump plan to claw back billion in spending in peril McConnell: Mueller 'ought to wrap it up' Graham jokes about Corker: GOP would have to be organized to be a cult MORE (S.D.), the No. 3 Senate Republican.
 
Earlier in the day, Corker had told reporters that they had reached a tentative agreement.
 
It remains unclear, however, whether the budget will be marked up by the committee or simply taken directly to the Senate floor as a “shell,” which simply contains the instructions for the tax reform process. That process, known as reconciliation, would allow Senate Republicans to pass tax reform without facing a Democratic filibuster.
 
If the committee does agree to the massive tax cuts, it would limit the shelf life of any tax reform. Parliamentary rules restrict policy passed through reconciliation from adding to the deficit over the course of a decade, which would put an expiration date on the tax cuts.
 
Toomey has argued that the window — typically 10 years — could be widened to keep the policies in place for a longer period of time.