Today in Washington: November 29, 2017
November 29, 2017
Source: AEO Government Relations Team, Madison Services Group
Vote-o-Rama Watch: Day 3
Yesterday, the Senate Budget Committee passed the “Tax Cuts and Jobs Act.” Prior to the vote, President Trump attended a Senate GOP lunch to rally wavering Senators in support of the measure. Committee member Senator Rob Johnson (R-WI) had previously stated that he would not vote for the bill due to the treatment of pass-through small businesses. Committee member Senator Bob Corker (R-TN) had expressed concerns about the bill’s impact on the deficit. Following the lunch, both Senators voted in favor, passing it out of committee and on to the full Senate.
While the bill has survived this first hurdle, others remain. Senator Corker, along with Senators James Lankford (R-OK) and Jeff Flake (R-AZ) share similar concerns about the effect on the deficit. Senator Corker stated that Senate GOP Leadership promised a deficit trigger intended to raise taxes in the case of large revenue shortfalls. Senator Steve Daines (R-MT) joins Senator Johnson in pushing for parity regarding the tax treatment of pass-throughs. The GOP holds a 52-48 majority in the Senate.
Meanwhile, the Joint Committee on Taxation (JCT) is expected to release a dynamic score of the Senate’s tax reform bill today. As a reminder, this dynamic score will take into account the potential economic growth generated by changes to the tax code when forecasting the cost of the “Tax Cuts and Jobs Act.”
As soon as this afternoon, the Senate could vote on a procedural measure that will begin 20 hours of debate on the bill, with a vote-o-rama to follow.
H.R. 4452, the “Right to Lend Act of 2017,” introduced by Representative Rob Pittenger (R-NC). This bill repeals Sec. 1071 of the “Dodd-Frank Wall Street Reform and Consumer Protection Act.”
Today @ 2 p.m.: House Appropriations Subcommittee on Financial Services & General Government hearing - “Supplemental Oversight – Small Business Administration and General Services Administration.” 2358-C Rayburn House Office Building.
December 4, 2017
Today in Washington
After passing its Tax Cuts and Jobs Act in the early morning hours Saturday, the Senate will now conference its bill with the House version to come up with a single bill to send to the President.
December 1, 2017
Today in Washington
Yesterday, the Joint Committee on Taxation released their dynamic score of the Senate’s Tax Cuts and Jobs Act, which stated that the bill will add $1 trillion to the deficit over ten years.