Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Senate Republicans gain moment on tax reform budget measure

Published 10/16/2017, 08:32 PM
Updated 10/16/2017, 08:32 PM
© Reuters. U.S. President Trump speaks about the Iran nuclear deal at the White House in Washington

By David Morgan

WASHINGTON (Reuters) - U.S. Senate Republicans on Monday gained crucial support for a vote on a budget resolution that is vital to President Donald Trump's hopes of signing sweeping tax reform legislation into law before January.

Two Republican lawmakers, once seen as potential 'no' votes, said they would likely support the measure. A third, Senator Rand Paul, may vote 'yes' depending on what the final resolution looks like.

"I am leaning 'yes'," Senator Lisa Murkowski of Alaska told reporters as the chamber prepared for what is expected to be a late Thursday vote on the fiscal 2018 spending blueprint.

Senator Susan Collins of Maine announced on Sunday that she will likely vote 'yes.'

Both the Senate and House of Representatives must agree on a budget resolution to unlock a legislative tool known as reconciliation that Republicans need to move tax legislation through the Senate without support from Democrats.

After failing to overturn Obamacare earlier this year, Republicans must pass legislation to cut taxes for businesses and individuals or face a backlash from their constituents in next year's congressional midterm election campaign.

Though Murkowski said her final decision would depend on what amendments are added to the budget, her qualified support reduces the possibility of failure.

Murkowski was one of three Republicans who sank the Senate healthcare bill in July.

Paul of Kentucky told reporters there is a possibility he will vote yes. "We're in discussions on it. We're trying to get it to a document that we think represents what we stand for," Paul said.

Without a budget and reconciliation, Republicans would need 60 votes in the Senate, where they hold a 52-48 majority.

Republicans usually can lose no more than two votes. But with Senator Thad Cochran of Mississippi ill, their margin of error for the budget has shrunk to only one "no" vote.

Earlier, the White House released a report saying middle-class Americans would eventually see their incomes rise more than $4,000 from the Trump plan to cut the corporate tax rate to 20 percent from 35 percent.

Democrats have lambasted the Trump tax plan as a giveaway for the wealthy.

© Reuters. U.S. President Trump speaks about the Iran nuclear deal at the White House in Washington

Trump fired back in a separate tweet on Monday: "The Democrats only want to increase taxes and obstruct. That's all they are good at!"

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.