GOP senator will back tax bill with 'backstop' in case revenues fall short

Sen. James LankfordJames Paul LankfordMcConnell works to lock down GOP votes for coronavirus bill Charities scramble to plug revenue holes during pandemic Warren calls for Postal Service board members to fire DeJoy or resign MORE (R-Okla.) says he would back a Republican tax-reform bill that includes a "backstop" to change tax rates if the measure fails to create as much revenue as projected.

“What I have done is ask for a backstop to be in place to say, in case the economic numbers aren’t reached, there will be a way to be able to recover some of those revenues,” Lankford told “CBS This Morning” on Tuesday.

“So yes, I am on board with this bill because I want to see the good economic growth that’s coming with it, but I also want to make sure we’re protecting future taxpayers as well in debt and deficit,” he added.

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The Joint Committee on Taxation estimated that the Senate bill would add about $1.4 trillion to the deficit in its first 10 years. Republican leaders say they expect increased economic growth to create additional revenues that would offset some or all of the deficit increases. 

But Lankford and Sen. Bob CorkerRobert (Bob) Phillips CorkerHas Congress captured Russia policy? Tennessee primary battle turns nasty for Republicans Cheney clashes with Trump MORE (R-Tenn.) have expressed concern that if the tax bill does not achieve the expected revenue, it will further add to the deficit and saddle future taxpayers.

They have suggested adding a "backstop" or "triggers" that would create automatic tax increases to create additional revenue.

President Trump warned lawmakers on Tuesday to be careful not to dampen future growth by fueling fears that tax relief may be pulled back. 

Some GOP senators and conservative groups have pushed back against Corker’s concept for a trigger that would automatically increase taxes at a certain point.

Sen. John KennedyJohn Neely KennedyMORE (R-La.) told reporters “I’d rather drink weed killer” than vote for automatic tax increases.