>> All in favors?>> President Donald Trump's drive to overhaul the US tax code took a major step forward Tuesday as Republicans on the Senate's budget panel voted to send the bill to a floor vote as soon as Thursday. Tuesday's vote had loomed as a potential hurdle but Republican senators, Ron Johnson and Bob Corker, both saying they might vote no.
But both fell in line to move the bill ahead. The vote came after Trump himself lobbied the GOP lawmakers at their weekly policy luncheons on Capitol Hill.>> And it goes now to the next step and I think we're gonna get it passed. I think it's going to pass and it's gonna be very popular.
It's gonna have lots of adjustments before it ends, but the end result would be a very, very massive, the largest in the history of our country tax cut.>> The Senate Bill would permanently slash the corporate tax rate to 20% after a one year delay, with a temporary tax cut for individuals.
But the Bill could still stumble in the Senate. Majority leader Mitch McConnell can only afford to lose two Republican votes in the closely divided chamber with all of the Democrats opposing it.>> And we're going to fight it with everything we have. We're going to do everything we can to derail it.
>> At least a half dozen GOP law makers remain on the fence. Moderates worry about the bill's provision eliminating Obamacare so-called individual mandate to buy insurance, and some conservatives worry that the bill's tax cuts will add nearly $1.4 trillion to the national debt. The bill's backers say that economic growth spared by tax cuts would eventually generate more revenue for the nation's coffers.
Senator Corker of Tennessee is pushing to add called triggers to the bill that would increase tax rates to cover any revenue shortfall if the economy failed to grow as Republicans hope. The party and the President need a win to hold onto voters in next year's Congressional midterm elections, after their failed push to eliminate Obamacare.