Tags: rand paul | spending | deficit | donald trump

Rand Paul Says He Can't Back Plan That Boosts $20T US Debt

By    |   Tuesday, 12 December 2017 01:39 PM

Sen. Rand Paul (R-Ky.) said he "cannot in good conscience vote to add more to the already massive $20 trillion debt" in a comment posted on Twitter.

The Dow Jones Industrial Average declined about 40 points after the comments were circulated, but much of the loss was later recovered. The stock benchmark reached a record high of 24,552.97 at about 12 p.m. New York time on optimism about the Republican tax plan.

“I promised Kentucky to vote against reckless, deficit spending and I will do just that,” Paul said in the tweet. “Tax cuts — people keeping more of their money — are never the problem. The problem is spending. We should obey our rules, stop the deficit spending, and shrink government,” he said in a following message.

The Senate voted on Thursday to approve a two-week spending bill to keep the government funded, avoiding a temporary shutdown.

The effect of Paul’s statement on keeping the government running past December 22 is unclear, CNBC reported.

Paul also supported the Republican tax plan that is now being hashed out in a joint conference between the House and Senate. Both houses of Congress need to approve the same bill before sending it to President Donald Trump to sign into law.

The nonpartisan Joint Committee on Taxation estimated that Senate's tax plan will increase the federal deficit by $1 trillion annually over the next 10 years.

Paul initially supported deeper tax cuts than the GOP proposed. The White House said a boost in economic growth will pay for the tax cuts.

Republicans continue to tweak their two tax bills in conference, scrambling to hit the sweet spot on cuts and revenue that will enable passage in both chambers next week, CNN reported.

And they say they're still on target to finish Friday, vote early next week, and put a bill on Trump’s desk to sign Dec. 20, CNN said.

But right now, it's all about "turning the dials" and "tweaking the numbers" to account for every action that triggers a reaction somewhere else in the bill, CNN reports.

The hot button issues: Tweaks to the corporate rate, where each point is worth $100 billion in revenue, and fixing the glaring errors, loopholes and landmines in the wording of the legislation that resulted from the Senate's mad scramble last week.

And uptick to the corporate rate will be met with strong resistance from conservatives and lobbyists, and technical mistakes that don't get rectified could mean the loss of billions of dollars in revenue.

All part of lining up the Rubik's Cube at warp speed, CNN reports.

"Nothing is agreed to until everything is agreed to," House Ways and Means Committee Chairman Rep. Kevin Brady told CNN.

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Sen. Rand Paul (R-Ky.) said he "cannot in good conscience vote to add more to the already massive $20 trillion debt" in a comment posted on Twitter.The Dow Jones Industrial Average declined about 40 points after the comments were circulated, but much of the loss was later...
rand paul, spending, deficit, donald trump
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2017-39-12
Tuesday, 12 December 2017 01:39 PM
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