Tax reform was supposed to represent an elusive triumph for President Trump and congressional Republicans. This afternoon it seemed as though all the pieces were falling into place as Republican mavericks lined up to support the bill. Now, the legislation faces an uncertain future after an analysis showed that the bill would lead to $1 trillion in increased deficits.
The Wall Street Journal reports that an analysis by the Joint Committee on Taxation indicated that a trigger provision that would increase taxes if revenue targets were not met would replace only about a third of the estimated cost of the bill. Senators Corker (R-Tenn.), Flake (R-Ariz.) and Lankford (R-Okla.) had insisted on the provision.
Republicans may be forced to rewrite significant portions of the bill to proceed with their reform plans. Under Senate rules, the bill must be deficit neutral to avoid a filibuster by Democrats.