Senate Votes for $5 Trillion Tax Reform

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In a major victory for the Trump administration, the Senate voted by 51 to 49 to pass a budget that looks set to cut almost $5 trillion off the books over the next 10 years. The Congressional Budget Office estimates that there will be savings of around $540 billion per year.

This was passed using a Budget Reconciliation vote which meant that the Senate only needed a simple majority rather than the standard 60 votes. It also means that there can be no Democrat filibuster.

Every single one of the Senate Democrats voted against the measure with only Rand Paul on the Republican side objecting.

House Majority Leader, Mitch McConnell said:

“Tonight we completed the first step towards replacing our broken tax code by passing a comprehensive, fiscally responsible budget that will help put the federal government on a path to balance,” after the bill passed “We have a once-in-a-generation opportunity to replace a failing tax code that holds Americans back with one that works for them.”

This is one of the largest budget reforms to have ever passed. All that remains now is for the president to get behind it. It is not only a step in the right direction but also a signal that Republicans are hoping to hold onto their seats come 2018.

Because their approval rating is lower than the President’s, they need to be seen to be backing him. This might just do the job.

After former White House Cheif Strategist Steve Bannon started to back “outsider” candidates, the Republicans have been much more conciliatory with the president in the hope of gaining support and endorsement.