Senators debate the likely effects of the GOP tax plan


Republican Senators Ted Cruz and Tim Scott faced Democratic Sen. Maria Cantwell and Independent Sen. Bernie Sanders on CNN, while CNN members Jake Tapper and Dana Bash moderated.

He and Scott argued that the law would double the child tax credit, but Sanders argued that the legislation would primarily benefit people at the highest income level.

"The tax accounts in both the House and the Senate give most of the tax relief rises to the top 1%," Sanders said.

The 90-minute event came on the same day that Republicans voted to move their fiscal legislation to the full Senate for a vote, which Republican leaders hope will take place later this week.

President Donald Trump had made a trip to Capitol Hill on Tuesday morning for a luncheon in an effort to garner support for the bill.

Trump had also been scheduled to meet with Democratic leaders, House minority leader Nancy Pelosi and Senate minority leader Chuck Schumer, but the duo finally did not show up, after a tweet sent by Trump Tuesday morning.

"Today we met with" Chuck and Nancy "to keep the government open and functioning, the problem is that they want illegal immigrants to invade our country without control, are weak in crime and want to increase substantially Taxes, I do not see a deal! "he tweeted.

The two issued a statement on the matter, saying: "Given that the President does not see an agreement between the Democrats and the White House, we believe that the best way forward is to continue negotiating with our Republican counterparts in Congress instead. "

When asked why he had not made an effort to reach a bipartisan compromise, Cantwell said he thought it was because "people are in a hurry and I wish they would not rush into this."

All eyes are on the Republican majority, since the tax reform is the last Republican effort to take advantage of the Republican stronghold in Congress and the White House to pbad important legislation after its attempt to reform medical care it failed initially.

The Congressional Budget Office published a report on the bill that showed the Senate Republican plan would result in poor Americans losing billions of dollars in federal benefits, because the proposal also includes eliminating the mandate of individual coverage of Obamacare.
The measure would also increase the federal budget deficit by $ 1.4 trillion over the next 10 years, according to the CBO report.

Sanders also noted the effect that the plan would have on the deficit.

"These guys are going to come back, they're going to say:" My God, the deficit is going up, we have to cut Social Security, we have to cut Medicare and Medicaid and education & programs and programs that the middle clbad and working families desperately need, "said Sanders.

The legislation would make multiple changes to the tax code, but the vast majority of individual tax cuts would expire after 2025.

Phil Mattingly, Lauren Fox, Tami Luhby, Stephen Collinson and Maegan Vázquez of CNN contributed to This report

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