GOP tax bill: 2 major developments & 2 key deadlines
While global headlines fixate on Iran, Republicans on Capitol Hill are racing to finalize their sweeping tax package.
Yahoo Finance Washington Correspondent Ben Werschkul joins Market Domination to explain the bill's two key deadlines and two big developments that were likely overshadowed by recent news about Iran, including how the bill's projected cost has climbed to $4.2 trillion.
To watch more expert insights and analysis on the latest market action, check out more Market Domination here.
But while the world's attention is on Iran, President Trump's one big beautiful bill is getting more expensive. For more on the upcoming tax bill decision, let's welcome in here, Yahoo Finance's Ben Verschle. Ben.
Yeah, hey Josh. So, so nothing can slow down the Republican push for, um, for tax cuts, it appears. What we had over the last few days is a series of developments, clearly overshadowed by what was happening in Iran, um, on this big beautiful bill that, that changed the shape of it and, and taught us more about it. The first one actually came on Saturday evening, or about the same time as the attacks, which was a new report from the Joint Committee on Taxation that gave us a new price tag for this overall package. It's now expected, once you untangle some, some accounting maneuvers that the Senate is doing, that this bill is going to cost $4.2 trillion. It's going to add that to the debt over the next decade. That's a higher price tag than we've had before, and is already getting pushback from fiscal hawks, who are, who are already kind of wary of this bill and are now reupping their, their criticisms of it. Whether they vote no in the end remains to be seen. The second is the, uh, what's, what's called a Byrd bath. It's, the Senate parliamentarian is going through the bill line by line to, to make sure it appeals to Senate rules. And she's striking a number of things out. There's, we've already seen cuts to the provision that, that, um, would have limited funding for the Consumer Financial Protection Bureau, um, cutting that out, um, changes, changes to a number, a lot of tax savings too, as well as the food stamp program. So those are, those are significant changes and will, will change the price tag further. The couple signposts for folks to watch in the couple of days, the Senate is pushing for this, to vote on this, to get this through the Senate by the end of the week. The first shoe to drop could happen this afternoon or tomorrow morning. That's the parliamentarian going over these, the Senate's Finance Committee's portion. This, these are the big ticket items. These are the tax portion. These are the Medicaid cuts. These are the clean energy credits. All of these things are going to be under review. So there could be a lot of headlines either tonight or tomorrow morning about whether those are changing or staying in the bill. And then of course, we're heading towards a vote by the end of the week. John Thune, um, is the Senate majority leader, and he talked about how when the Senate is a lot, senators are back today, and they're not leaving in his words until they pass this. And he's, he suggested the first votes could start on Thursday and then stretch for as long after that as they needed. So, a lot, a lot of focus, obviously, on Iran, but the Capitol Hill is clearly focused on getting this bill to the finish line to their ultimate goal of July 4th by, to the president's desk.
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