Early Saturday morning, the Senate passed the Tax Cuts and Jobs Act by a vote of 51-49. Sen. Bob Corker (R-TN) was the only Republican to vote against the tax bill citing deficit concerns. On Friday the non-partisan Joint Committee on Taxation reported that the legislation would increase the federal deficit by $1 trillion over ten years even accounting for robust economic growth. To learn more about the events overnight, click here to read a helpful rundown provided by The Hill.
Theoretically the House and Senate will now create a conference committee to reconcile the differences in each passed version of the legislation – Republican leaders suggest they are not that far apart (although do note items like the medical expense tax deduction are removed in the House bill, not in the Senate bill, etc.). That compromise bill would then go to both chambers for a straight up or down vote. However, we are hearing that the House has scheduled a vote for Monday evening to vote on the Senate bill as written. As with everything, this could change quickly and dramatically by Monday. Whatever the route to House passage, leadership in both chambers is working toward a final passed bill by Friday, December 8th. That bill would then be sent to President Trump for his signature.