The
Senate Budget Committee sent Republicans’ massive tax-cut bill to the
full Senate for a marathon debate and vote as early as Thursday -- a
major step toward getting a plan enacted by the end of this year.
The
12-11 party-line vote Tuesday came after Republican leaders addressed
objections raised by GOP committee members who threatened to block it.
The House passed
its own tax-cut measure last month, and Senate Republicans can afford
to lose no more than two votes among their ranks to pass the measure
without Democratic help.
More from Bloomberg.com: These Eight Senators Can Make or Break the GOP Tax Plan
The
bill would cut the corporate tax rate to 20 percent from 35 percent in
2019 and reduce individual rates and double the standard deduction until
2026 -- adding $1.4 trillion to the federal deficit over a decade. The
legislation also would open the Arctic National Wildlife Reserve to oil
drilling.
Just
one GOP senator on the panel would have had the power to block the bill
given the majority’s one-vote margin in committee.
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