Dec 2, 2017

How Republicans got over the tax plan's deficit increase estimates

Sen. Bob Corker is still working on a "trigger" deal. Photo: Carolyn Kaster/AP

Republicans are still upset over the "unflattering" Congressional Budget Office estimate of their health care plan, which inspired them not to trust either of the major tax analyses that estimated at least $1 trillion would be added to the deficit, per NYT.

Why it matters: One of the most controversial aspects of the GOP tax plan has been how much it would cost. That issue didn't go away when Republicans passed their plan in the Senate last night. And Republicans don't have a plan to create enough revenue to offset the cost of their tax plan.

Various lawmakers (including Republican Sen. Bob Corker who voted against the plan), Goldman Sachs and Janet Yellen, the Federal Reserve Chair, have all separately warned that adding even close to this much to our national deficit would increase it to "unsustainable" levels.

What they're saying, per NYT: "But many of [Corker's] colleagues greeted them with distrust, both because they expected tax cuts to generate more robust economic growth than the forecasters projected and because they felt burned by unflattering analyses of their health care proposals issued this year by the Congressional Budget Office."

By the numbers: Republicans initially estimated the GOP tax plan would increase the U.S. deficit by $1.5 trillion, and a Joint Committee on Taxation estimate calculated it would realistically add $1 trillion. A Congressional Budget Office estimate said it would add $1.4 trillion.

Go deeper: What's next in the GOP's tax reform push.

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Coronavirus dashboard

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  1. Global: Total confirmed cases as of 8 p.m. ET: 1,595,350 — Total deaths: 95,455 — Total recoveries: 353,975Map.
  2. U.S.: Total confirmed cases as of 8 p.m. ET: 461,437 — Total deaths: 16,478 — Total recoveries: 25,410Map.
  3. Public health latest: U.S. has expelled thousands of migrants under a CDC public health orderDr. Anthony Fauci said social distancing could reduce the U.S. death toll to 60,000.
  4. Business latest: The Fed will lend up to $2.3 trillion for businesses, state and city governments — After another 6.6 million jobless claims, here's how to understand the scale of American job decimation.
  5. States latest: FEMA has asked governors to decide if they want testing sites to be under state or federal control.
  6. World latest: Lockdowns have led to a decline in murders in some of the world's most violent countries — Boris Johnson is moved out of the ICU but remains in hospital with coronavirus.
  7. In Congress: Senate in stalemate over additional funding for small business relief program.
  8. 1 SNL thing: "Saturday Night Live" will return to the air this weekend with a remotely produced episode.
  9. What should I do? Hydroxychloroquine questions answeredPets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
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Federal court temporarily blocks coronavirus order against some abortions

Gov. Greg Abbott. Photo: Tom Fox-Pool/Getty Images

A federal judge ruled Thursday that clinics in Texas can immediately offer medication abortions — a pregnancy termination method administered by pill — and can also provide the procedure to patients nearing the state's time limits for abortions.

Driving the news: The decision comes after federal appeals court ruled 2-1 on Tuesday in favor of an executive order by Republican Gov. Greg Abbott that prohibits abortions during the coronavirus outbreak.

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Europeans and Americans are desperate to move beyond the worst of the crisis and return to something approximating normality, but the World Health Organization is cautioning that moving too fast will undermine the sacrifices made so far.

Where things stand: Nearly every country on Earth is still seeing their caseload increase, and a recent uptick in Singapore shows that apparent victory over the virus can be fleeting. But several countries are providing reason for optimism.

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