The Senate Tax Reform Bill Cuts Rates For Small Businesses And Flow Through Firms

Debate on the tax bill is expected to lead off with statements from the party leaders. The first amendment votes are scheduled for 11 a.m. ET.

The Senate will resume the drama that was suspended on Thursday, when GOP leaders called it a night to try and figure out the last-minute changes to their bill.

A final vote was possible Thursday night, but Republican leaders hit a snag when the Joint Committee on Taxation — the official congressional scorekeeper — released an analysis that showed the bill would only increase GDP 0.8% over 10 years.

The analysis also showed the bill would grow the federal deficit by $1 trillion over that timeframe even when accounting for that growth.

The analysis renewed concerns from Sens. Bob Corker and Jeff Flake about the legislation's potential effect on the deficit.

The pair's idea of a trigger that would increase federal revenue was ruled impermissible by the Senate parliamentarian, a kind of umpire for Senate rules, sending Republican leaders back to the drawing board.

McConnell and leadership got a boost when Sens. Ron Johnson and Steve Daines, who had been on the fence, said on Friday that they would support the bill. Johnson told Wisconsin radio station WISN that his support gave Republicans enough votes to pass the bill even without Corker and Flake.

Check here for a full recap of Thursday night's action»

Source :

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