McConnell: Tax Cuts Will Have To WAIT….Umm, EXCUSE ME?
The Trump administration is working on completing the tax reform by the August recess, but Senate Majority Leader Mitch McConnell (R-Ky.) is about to disappoint the President. On Thursday, McConnell announced his take on the lofty August due date. In a live Playbook interview, McConnell stated, “I think finishing on tax reform will take longer.” Treasury Secretary Steven Mnuchin said in February, that the Trump administration wants to complete a major GOP goal of reconstructing the tax code before lawmakers take off for a month long break.
“So we are committed to pass tax reform,” McConnell told CNBC. “We want to get this done by the August recess.” The Senate is tentatively expected to leave Washington on recess by July 31st and come back during the first week of September. When pressed about whether McConnell thought lawmakers would be able to complete the tax reform, the Senate’s top Republican hesitated to say they would get it done by the due date. “It’s complicated. All of those discussions are already under way,” McConnell said.
Republicans are expected to use compromises to approve the tax reform, so that the bill will be cleared through the upper chamber with only GOP support. The trouble with passing the tax reform is it also being held up with the completion of the repeal of the ObamaCare bill; that has to happen first, before the tax reform can happen. McConnell also stated on Thursday that the Senate has to finish up it’s work on the ObamaCare repeal bill first. Then the tax reform can be brought to the Senate floor.
Senate GOP leader’s goal is to have the repeal and replacement of the Affordable Care Act done by early April.