Republicans have 70% probability of passing ultimate tax reform: Former Bush aide

Kevin Lamarque | Reuters

President Donald Trump provides a thumbs-up as he and Vice President Mike Pence depart the U.S. Capitol after a gathering to debate tax laws with Home Republicans in Washington, November 16, 2017.

There’s little room for Republican defections within the Senate, the place the celebration solely holds a two-seat majority. On Thursday, Sen. Ron Johnson, R-Wis., instructed CNBC he would not vote for the measure in its present type. He mentioned he desires to repair it in order that he can assist it.

In the meantime, GOP Sens. Susan Collins of Maine, Bob Corker of Tennessee and John McCain of Arizona have voiced concern. They haven’t mentioned whether or not they would finally vote for the invoice.

“In the event you begin seeing extra individuals speak about defecting as Republicans it will get actually laborious to determine how this will get put collectively within the Senate,” Fagen mentioned.

Nonetheless, she mentioned the “psychology of profitable” the vote on Thursday was crucial.

Fagen additionally mentioned Senate management will work issues out with Johnson as a result of they cannot afford to lose him.

David Bahnsen, chief funding officer at HighTower Advisors Bahnsen Group, agrees.

“Senator Johnson is just not going to get all the pieces he desires. However I feel he will get sufficient to get him on board and possibly enhance the invoice within the meantime,” he mentioned in an interview with “Closing Bell.”

If the Senate passes its invoice, the 2 chambers should craft a joint plan earlier than Congress can move ultimate laws.

Terry Haines, senior political strategist at Evercore ISI, mentioned the possibilities of tax reform’s final success is fairly excessive.

“There’s going to be just a little little bit of horse-trading that goes on however essentially what that is about is holding onto construction of aggressive company tax cuts, the person tax cuts … and retaining it inside budgetary traces of this small static enhance in deficit that is been agreed to by the Home and the Senate,” he instructed “Closing Bell.”

— CNBC’s Berkeley Lovelace and Jacob Pramuk contributed to this report.

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