Page 9 - 338 Billion News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Included in the end. >> see if they can get it done. mike emanuel is on capitol hill for us where there's a lot going on today and this week, mike. >> good afternoon. we expect plenty of fierce debate on tax reform on both sides of the u.s. capitol this afternoon. the house is expected to debate a procedural aspect of its plan ahead of a vote on the house floor tomorrow on the house tax reform package. one issue stressing out republicans from high tax states is the partial elimination of the state and local tax deduction. >> so far, no progress. most of the new york delegation is going to vote...

They've made trillions of dollars worth of promises to the multi-nationals and their political donors. they weren't able to stuff them up into the budget. so they thought, well, let's get a twofer. let's gut health care for working people and then we can have big tax cuts for multi-nationals that ship jobs overseas. it's a double standard in hix economics, big breaks for the people at the top and the powerful hurting the working people. >> my understanding, i want to be clear of this, is that they've crafted this bill that still raises the deficit too much. and so they're desperate to find way...

He is outside the room where that senate committee is about to markup that bill. garrett, obamacare, we know repealing and replace did not work for republicans. why are they trying to stick it in this sucker? >> reporter: well, they're doing it now because they think this particular repeal helps them solve a math problem. they have found -- the cbo has found if they repeal just the individual mandate and leave all the rest of obamacare alone, it saves them something like $338 billion. that helps pay for a huge chunk of this $1.5 trillion tax cut. so they see this -- republicans see this as a p...

Act, obamacare, and weave it in the tax cut plan. the markets calm off of their lows when we got wind of this ten minutes before the end of the trading day. let's go to charles payne on how this is factoring out. assuming that they can get this and -- that's a leap. that just reintroduces some of the controversy and fights that they had in the past doing that. that would be a big deal, wouldn't it? >> it would be a big deal. you knew it would be a big deal last week when the cbo said repealing the individual mandate would raise $338 billion. that is a lot of money. that would allow the house a...

Rights now where the politics and concerns are now out weighed by the reality. if you go by the cbo score, as you noted this over the course of ten years will reduce deficits by $338 billion. that is lot of money, and money republicans need to plow into the their tax bill. that means fewer government subsidies will be paid out, fewer people will enroll in medicaid. that will save a significant amount of money. they need it for two reasons. one, they want to plus up to bring their numbers along the middle class tax cuts, they want to director money towards. but they also need to be careful abou...