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And frankly last night was one of the big nights. now that overshadowing historic vote on capitol hill here. early this morning the senate passed its version of major tax reform. huge victory for the president who promised to give americans a huge tax cut for christmas. >> now despite the republicans win overnight t party has lingering deficit problem. the party says the bill will grow the economy and fill the deficit. according to the congress's joint committee on taxation, cost trillion dollars. cnn economic analyst and former economic adviser steven moore and cnn global economic analyst. th...

Political support for those -- >> the reality will be, because you and i discussed it during the sequester. the deficit will be bigger ten years from now than it is today, probably. it's a trajectory that we're on. at that point is becomes hard for people to say, of course, we've got a tax cut. i can't take that away but it will ultimately affect the deficit and a higher deficit is going to affect people who are net recipients of money from the government. >> i think you've emphasized over and over over the years that in the long run, there's a big deficit problem that needs to be addressed by...

Be for the very wealthy. if you don't believe that. if you think all the tax cuts are going to continue, then you have a massive budgetary deficit problem. we saw this before. this is exactly what george w. bush at the beginning of his administration. >> dana, there's a few people in the audience that asked about that. saying how can you guarantee now until forever, when this comes up again, that we won't get a tax increase? was there a good answer for that? >> not really. and generally the answer republicans give is the economy is going to do so well, there's going to be so much economic grow...

In 2025, which means that according to the joint committee on taxation, by 2027, taxes for people making under $75,000 will actually go up, right? so if we actually take them at their word, these tax cuts are going to end in 2025. overall the taxes are actually going to go up for people making under $75,000. the huge windfall is going to be for the very wealthy. if you don't believe that, if you think all the tax cuts are going to continue, then you have a massive budgetary deficit problem. we saw this movie before. this is exactly what george w. bush did at the beginning of his administration...

Won't be able to show anything to voters because lord knows it's not going to be a lot of legislation passing next year. so it's a terrible outcome for them if they don't get it passed. i'm wondering if it's terrible for them also for the reasons joshua is saying if they do get it passed because look at the joint committee on taxation run by congress. its fundamental conclusions are this measure is skewed significantly towards the wealthy. that is a pretty good thing for democrats to be able to run on even in the event this tax bill gets passed. >> what's the pushback on that? >> there's a lot...