BUDGET/GOP/TAXES/TRUMP AS PRESIDENT: “Republicans suddenly have a fiscal headache in their tax bill. They can thank President Trump for it.
The cost of the Senate’s bill came in at $1 trillion over 10 years, after factoring in economic growth, according to an analysis released on Thursday by the Joint Committee on Taxation. That has alarmed Senator Bob Corker, Republican of Tennessee, an influential lawmaker who has long warned against bloating the federal deficit.
He is demanding that lawmakers come up with hundreds of billions of dollars to bring down that cost, most likely through future tax increases. With Republicans holding a narrow majority of just 52 seats, they can afford only two defections if they want to pass the bill without Democrat support and other senators besides Mr. Corker who are also undecided.
Lawmakers are now considering raising corporate and individual taxes down the road, a largely unpalatable solution for Republicans, particularly those in the House, who could object to the measure once lawmakers try to reconcile both versions of the tax bill.”
-Jim Tankersley, “Trump’s Red Line Is Holding Up Tax Cuts,” The New York Times online, Dec. 1, 2017