FIRST AIRED: November 17, 2017

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

×

Transcript

00:00:00
>> On this vote, the ayes are 227, the nays are 205. The bill is passed.>> The Republican tax cut plan passes the House of Representatives easily, but major hurdles await in the Senate.>> I'm Andy Sullivan in Washington where Republicans are celebrating after getting their tax overhaul through the House.
00:00:17
GOP lawmakers largely stuck together despite concerns that their plan could deal a blow to some suburban tax payers. It's a major triumph to House Speaker Paul Ryan who's been working towards this moment for years.>> This is something that's going to refresh our confidence in ourselves, and our confidence in each other.
00:00:34
>> He's delivered on his promise to pass the bill before Thanksgiving, giving Republicans a much needed shot of momentum. Just two weeks after unveiling their bill, Republicans passed it with nine votes to spare. President Trump met with Republicans behind closed doors on Capitol Hill ahead of the vote.
00:00:50
The bill slashes business taxes and lowers rates for individuals at all income levels. Though some people could end up paying more as popular tax breaks are scaled back. Republicans say the plan would boost the economy and simplify the nation's tax code.>> To those trying to find a job, that long search is coming to an end.
00:01:10
This is your comeback.>> Democrats blast it as a giveaway to the rich.>> The bill Republicans have brought to the floor today is not tax reform, it's not even a tax cut, it is a tax scam.>> Now the action moves to the Senate, where Republicans can't afford to lose more than two votes from their side.
00:01:28
Several GOP members there already saying they can't support the bill as written. One of the biggest stumbling blocks, a new clause that would repeal a central element of Obamacare, the so called individual mandate drawing objections from moderate main Senator Susan Collins. Conservative Ron Johnson of Wisconsin has also threatened to vote no, pressing for deeper tax cuts for small businesses.
00:01:50
So the debate is about to get a lot trickier for Republicans. They've promised to simplify the tax code, but their bill is getting more and more complex. And now that they've dragged Obamacare back into the mix, they're sure to stir up a hornet's nest of opposition. The House vote shows that Republicans are more united on taxes than they were on healthcare.
00:02:08
But they still have a lot to sort out before they can get this bill to President Trump's desk.