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GOP’s Dueling Tax Overhauls Struggle to Pass a Key Red-Ink Test

  • Senate measure seen as blowing ‘a massive hole in the debt’
  • Provision dropped from one chamber’s bill surfaces in other
Bloomberg business news
Bloomberg’s Stephanie Baker reports on the tax bill wrangling.Source: Bloomberg
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Republican tax writers in the House and Senate scoured the U.S. tax code Thursday and shook the couch cushions for loose change, as one member put it, in an all-day struggle to find ways to pay for the deep tax cuts their leaders and President Donald Trump have promised.

By day’s end, the House Ways and Means Committee had hammered together a bill and sent it toward the House floor for a vote promised next week, while the Senate Finance Committee revealed a proposal it intends to mark up on Monday.