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00:00:00
>> The Tax Cuts and Jobs Act is passed.>> A sweeping tax overhaul passes the United States Senate, but a last minute snag delays the Republican's victory party by at least a day. I'm Andy Sullivan, in Washington. The Republicans are gonna have to keep that champagne on ice for now.
00:00:17
Procedural issues temporarily tripped them up. That's gonna require another vote in the House of Representatives, but there's really no doubt that this bill will soon be headed to President Trump's desk. House Speaker Paul Ryan was euphoric after the House voted on the tax code rewrite he's pursued for years.
00:00:33
>> And the American people place their trust in us to do this work for them. And today, we're making good on that promise.>> The Senate also passed the bill, but the Republican leaders had to tweak it slightly because a Senate official ruled that three minor elements in the House bill didn't comply with the Senate's complex rules.
00:00:50
Republicans have now dropped those provisions. One that creates a new tax break for private school tuition and another dealing with private university endowments. That will require the House to vote again, on Wednesday. Republicans are saying this is no big deal and they are happy to vote again for the bill, which permanently slashes business taxes and temporarily cuts taxes for individuals as well.
00:01:11
>> Proof's in the pudding. Proof's in the paycheck. People are gonna see it.>> But this gives Democrats a bit of vindication. They've opposed this package from the get go, saying it's a give away to the rich. Now, they're arguing this last minute snafu is evidence that the Republicans are not taking the time to make sure that they've got it right.
00:01:30
>> It will go down in history as one of the worst single pieces of legislation.>> But that won't change the outcome, President Trump is going to get his tax cuts, at this point, it's just a matter of when he'll get to sign them into law.