Trump Pushes for Tax Overhaul as Key Senate Votes Loom

Winners and losers in the Senate tax bill

Obstacles still remain, as it is unclear whether Corker and Johnson - as well as another seven fellow Republican Senators who have expressed concerns about the legislation - are ready to vote to pass the bill in its current form in a floor vote.

Wall Street moved higher on the news that the bill would move to a full Senate vote, with the benchmark S&P 500 .SPX index closing up a little over 1 percent.

Congress' top Democratic leaders abruptly pulled out of a planned meeting with Trump and Republican leaders at the White House on Tuesday after Trump attacked them on Twitter. He came close months ago to overhauling the health care policies championed by former President Barack Obama, but Senate Democrats uniformly opposed dismantling the Affordable Care Act, commonly known as Obamacare, as did a handful of Republicans, leaving Trump short of the votes he needed.

Trump, meanwhile, is fulminating about the need for a win after promising his own supporters that his presidency would be one long victory lap.

"Let it sit out there in the sun. and let it bake", he said, demanding more time for Americans to understand the implications of the proposal.

Many of those who would forgo coverage would have lower or moderate incomes and would have qualified for Medicaid or federal help paying their premiums or out-of-pocket health expenses, the CBO found.

Since Trump took office in January, he and fellow Republicans in command of both chambers of Congress have approved no major legislation, a fact they want to change before facing the voters in the 2018 midterm congressional elections.

Senator Cory Gardner, a Colorado Republican, said he plans an amendment to make marijuana businesses eligible for tax breaks. But the bill repealed the deduction for income or sales taxes.

The president also remarked that the bill is only a few tweaks away from making more savings a reality for the middle class and businesses. Trump said in his latest tweet on the tax bill.

It is not strictly necessary to pass the tax bill through the Senate Budget Committee, where Republicans are hoping to combine the tax bill with a provision allowing for oil and gas drilling in the Arctic National Wildlife Refuge. It would eventually have to be reconciled with the tax measure recently passed by the House.

Ahead of Trump's meeting, the President, Vice President Mike Pence, Treasury Secretary Steven Mnuchin and even first daughter Ivanka Trump, have been been on a lobbying blitz behind the scenes, sources told CNN.

Majority Leader Mitch McConnell told reporters, "I'm sitting here with a Rubik's cube trying to get to 50" votes. There are signs however that other senators are trying to get to yes, including Alaska's Lisa Murkowski and Maine's Susan Collins.

The Senate Budget Committee voted 12-11 to advance the bill as two committee Republicans who had said they were considering voting against the measure - Bob Corker of Tennessee and Ron Johnson of Wisconsin - backed the legislation.

Johnson said he voted to approve the measure "based on the progress" in recent days.



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