Senate approves tax bill; Congressional budget analysts say it will raise deficit by $1.4 trillion

At 12;51 a.m. CT, the Senate passed a nearly $1.5 trillion Republican tax bill that's historic in scope and an urgent political priority for President Donald Trump and the GOP.

   The vote was 51-49, largely along party lines, including Wisconsin's Ron Johnson of the GOP in favor and Wisconsin Democrat Tammy Baldwin opposing. Not a single Democrat voted in favor of the legislation, which was crafted behind closed doors by Senate Republican leaders. Tennessee Sen. Bob Corker, who calls the growing debt a national security threat, joined Democrats in opposing the bill.

   The bill lays the bulk of its tax cuts on businesses and higher-earning individuals and gives more modest breaks to others.

   It would bring the first major overhaul of the U.S. tax system in three decades. The measure must be reconciled with a version the House passed last month.

   The Congressional Budget Office reports that the bill would increase the deficit by $1.4 billion.
 

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