The tax bill's fate in the Senate could rest on Sen. Bob Corker's "trigger" idea, which continues to be negotiated as the chamber debates the bill, Axios' Caitlin Owens reports.
- Why this matters: It means Senate passage of the bill isn't in the bag yet, although it's getting close. If the Senate succeeds with including the trigger, the tax bill's passage seems very likely. Conversely, if the trigger doesn't work out, it could imperil the votes of deficit hawks in the Senate even as other Republican holdouts fall in line.
- What we know: The deficit hawks are still negotiating a "trigger" that would take effect and raise taxes if the tax bill adds to the deficit or falls short of economic growth predictions.
- What we don't know: The other details.
Good news for Republicans: Sen. John McCain will vote yes.
Two quick sirens:
- 🚨 #1: "The Senate tax bill would raise only $458 billion in increased revenue from economic growth over the next decade and will increase the deficit by more than $1 trillion, according to the Joint Committee on Taxation. It would increase GDP by .8 percent relative to current law over 10 years." [Axios]
- 🚨 #2: "Major companies including Cisco Systems Inc., Pfizer Inc. and Coca-Cola Co. say they'll turn over most gains from proposed corporate tax cuts to their shareholders, undercutting President Donald Trump's promise that his plan will create jobs and boost wages for the middle class." [Bloomberg]