Tags: Trump Administration | Trump Tax Reform | bob corker | backstop | growth | senate | gop

Corker: Would Vote for Tax Bill With 'Trigger' Caveat on Growth

(CNBC's "Squawk Box")

By    |   Tuesday, 28 November 2017 12:03 PM

Sen. Bob Corker, R-Tenn., said Tuesday he could be persuaded to vote for the GOP tax bill if it includes a way to "backstop or trigger" if the plan, which proposes nearly $1.5 trillion in tax cuts, does not meet projections for boosting the economy.

"What several of us have asked for is a backstop or trigger in that event we don't meet the projections that have been laid out — since we're not going to score it — that we have a backstop," Corker told CNBC's "Squawk Box" on Tuesday.

"That's what we've been working on throughout the weekend and feverishly [Tuesday]."

"I hope we'll get there," Corker said. "I know it's important not just to me, but numbers of members who want to make sure that, for some reason these projections are off, we don't have the growth that's been laid out, it doesn't generate revenues, that we're not passing off increased debt to future generations."

Corker said if the trigger is included, both business and individual taxes would see tax rises, if the plan for cuts do not meet economic expectations.

The senator is one of several Republicans who has not yet committed to supporting the bill when it comes up this week, according to CNBC.

Other holdouts include: Sens. Ron Johnson, R-Wis.; Steve Daines, R-Mont.; Susan Collins, R-Maine; John McCain, R-Ariz., and Jeff Flake, R-Ariz., James Lankford, R-Okla.; Jerry Moran, R-Kan. and Lisa Murkowski, R-Alaska. The GOP holds 52 senate seats, and can only lose two and pass the bill, if all Democrats and Independents vote no.

Corker said Tuesday he is not happy about the Senate's plans for Independent voters.

"If we could take the entire individual side of this, throw it in the trash can, and take it directly to the incinerator, I would be thrilled if we were only dealing with the business side as it's turned out," he said.

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The Senate GOP holdouts are working to get to "yes" on the tax reform legislation, using a "backstop" or "trigger" to back off tax cuts if projections on U.S. economic growth come up short.
bob corker, backstop, growth, senate, gop
Tuesday, 28 November 2017 12:03 PM
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