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Senate Passes Buget

onthebottom

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Sets stage for tax reform....

https://www.washingtonpost.com/news...re-to-make-it-painful/?utm_term=.073384c02829

Senate approves budget in crucial step forward for Republican tax cuts
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Senate passes Republican-proposed budget

Senate Majority Leader Mitch McConnell (R-Ky.) praised the budget passed in the Senate on Oct. 19 by a vote of 51 to 49. (U.S. Senate)

The Senate approved the Republican-backed budget Thursday night, a major step forward for the GOP effort to enact tax cuts.

The budget’s passage will allow the GOP to use a procedural maneuver to pass tax legislation through the Senate with 50 or more votes, removing the need for support from Democratic senators.

“Tonight, we completed the first step toward replacing our broken tax code … We have a once-in-a-lifetime opportunity to replace a failing tax code that holds Americans back with one that actually works for them,” Senate Majority Leader Mitch McConnell (R-Ky.) said following the 51-49 vote.

Sen. Rand Paul (R-Ky.), who believes the budget ought to reduce the deficit, was the only Republican to vote against it.

The budget opens the door to expanding the federal deficit by $1.5 trillion over 10 years.

Tax cuts that have become Republicans’ essential policy objective since the Senate failed to pass multiple bills to rewrite Obamacare. Approval of the budget is expected to help shore up ties between Senate GOP leaders and President Trump, who is angry at Republicans’ failure on health care and bent on Congress approving a tax-reform package by the end of the year.

At the same time, by agreeing to the massive tax cut, Senate Republicans have officially moved the party far away from its promised goal of ensuring that the tax plan would not add to the deficit. The White House and House Republicans had vowed that the tax cuts would be offset with new revenue from the elimination of certain deductions, but that is no longer the GOP’s goal. Instead, they have abandoned longstanding party orthodoxy of deficit reduction and are seeking a political win after months of frustration on Capitol Hill.

The Senate approved an amendment Thursday night that paved the way for the House to adopt its version of the budget. This could eliminate the need for a conference committee, which might expedite consideration of tax reform by several weeks, according to a House GOP aide.

“I applaud the Senate for passing a budget,” Speaker Paul Ryan (R-Wis.) said in a statement. “This action keeps us on track to enacting historic tax reform that will mean more jobs, fairer taxes, and bigger paychecks for American families. We want Americans to wake up in the new year with a new tax code, one that is simple and fair.”

Political pressure is on the GOP leaders’ side: Republicans cannot cut taxes without first passing the budget resolution, giving them a strong incentive to support it.

Trump had projected confidence about the Senate’s ability to approve a budget.

“I think we have the votes for the budget, which will be phase one of our massive tax cuts and reform,” Trump said during a meeting with Puerto Rican Gov. Ricardo Roselló. “But I think we’ll be successful tonight with respect to the budget . . . I think we have the votes. And frankly, I think we have the votes for the tax cuts, which will follow fairly shortly thereafter.”

The vote came after just over six hours of amendment votes in which Democrats sought to call attention to controversial aspects of the GOP tax plan.

Democrats had planned to focus on four key tax-reform topics intended to make Republicans cast politically awkward votes: tax cuts for the wealthy, tax increases for the middle class, reductions to Medicare and Medicaid spending, and increases to the budget deficit.

Sen. Heidi Heitkamp (D-N.D.) proposed an amendment to prevent tax increases on people making less than $250,000 a year. The measure would have also required the Senate to approve a tax-reform bill with 60 votes rather than a simple majority. Senate Budget Committee Chairman Mike Enzi (R-Wyo.) called this language a “poison pill,” and the amendment was defeated 51-47.

Not all of the Democratic amendments were related to the tax plan, however. Sen. Maria Cantwell (D-Wash.) offered language aimed at preventing oil and gas drilling in the Arctic National Wildlife Refuge. It failed 52-48.

Several Republican amendments were adopted with broad support. Sen. Jeff Flake (R-Ariz.) proposed language to make the “American tax system simpler and fairer for all Americans,” which passed 98-0. Sen. Marco Rubio (R-Fla.) proposed an amendment in support of increasing the child tax credit, which passed by voice vote.

Paul, one of the most vocal GOP critics of the party’s budget, proposed several measures to lower the deficit and one designed to make it easier for the upper chamber to repeal Obamacare. The amendments failed.

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The GOP appeared to win enough votes to pass its budget Tuesday when Sen. John McCain (R-Ariz.) threw his support behind the proposal, saying it would provide a “path forward on tax reform.” The return of Sen. Thad Cochran (R-Miss.) from a health-related absence added to leaders’ confidence they have the votes for passage.

Republicans control 52 of the Senate’s 100 seats, meaning they could lose two votes from their own party and still pass the budget. Without Cochran, Republicans would have been able to lose only one vote.

The final amendment offered a moment of levity after a long night of votes. Sens. David Perdue (R-Ga.) and Sheldon Whitehouse (D-R.I.) offered language that would eliminate future vote-a-ramas.

The amendment was approved by unanimous voice vote, with applause.
 

oldjones

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Aug 18, 2001
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1.5 trillion in new debt...
Be fair. That's only 100 billion of new debt each year for the next ten years. So much for Republicans being fiscally prudent and limiting government spending.
 

Butler1000

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Oct 31, 2011
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Be fair. That's only 100 billion of new debt each year for the next ten years. So much for Republicans being fiscally prudent and limiting government spending.
So taking into account population about half or less in proportion to what Trudeau has done.

And one hell of a lot less than the provincial liberals.
 

Frankfooter

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Apr 10, 2015
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So taking into account population about half or less in proportion to what Trudeau has done.

And one hell of a lot less than the provincial liberals.
But even Goldman Sachs said all the tax breaks for corporations and the super rich would only increase the economy by 0.2% at best.
That's a lot of debt just to make Trump and his friends richer.
 

onthebottom

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1.5 trillion in new debt...
I think Trump will struggle to double the deficit in two terms the way Obama did.
 

fuji

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I think Trump will struggle to double the deficit in two terms the way Obama did.
He's certainly trying hard, and doesn't even have a Republican fueled financial crisis to justify it.

Obama inherited a country on the brink of collapse and resuscitated it, spending money through the downturn as a good Keynesian.

Trump is driving up the deficit at the peak of the Obama economic boom.
 

oldjones

CanBarelyRe Member
Aug 18, 2001
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So taking into account population about half or less in proportion to what Trudeau has done.

And one hell of a lot less than the provincial liberals.
Aren't you confusing Canada where we live with the USA we're discussing in this thread? Are you trying to suggest our pols follow a different profession?

But following your line, apparently Trudueau's mere doubling of the insignificant Trumpian deficit is to be overlooked. "Taking into account population" of course.
 
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