we have a congressional budget office tasked with impartially evaluating any legislation that we do. unfortunately, its evaluations are tied to the static scoring. that means it's evaluated without considering the underlining economic effect of these changes. congressional budget office tied the static scoring that means without considering the underlining economic effect of these changes. the problem isn't really how much revenue it will bel under the new bill that will increase as the tax effect in the 1980s. the problem is c spending. we never make budget cuts. in washington, cutting the budget brings screams of an agency or program doesn't get as much as as requested. even if it gets more than it ever had before that isn't a budget cut, that's how it works inve washington. if we continue this way we will never get how it's been in line. i tried to institute a plan where we just cut one from where we had been. it's a lot easier to give away money than it is to take away money, even pennies so we need a new approach to grow the economy. we need businesses to do well so more tax mone

but the ones harmed, according to the congressional budget office, are the majority of people who earn less than $75,000 a year and they will be worse off within the next ten years. in connecticut, that means 468,200 taxpayers in the bottom 80% of income distribution will experience a tax hike under this plan. the republican tax plan ends state and local tax deductibility, which means families are going to be taxed twice. it increases the federal burden on connecticut families who already pay more federal taxes than they receive in federal funding. now what i hear, again listening to my friends and constituents in connecticut, is that they're willing to pay their fair share. they're willing to pay even more than they may receive back from the federal government if they feel the system itself is fair. not rigged in favor of the wealthy or big corporations or special interests. and they are the ones who will benefit from this tax scam. state and local taxes paid by my constituents in connecticut are vital to supplying communities with resources that pay for essential local services. we'r

president, i ask unanimous consent to enter into the record a report from the congressional budget office making it clear on the cover where it says that analyses and conclusions expressed there should not be interpreted for those of the congressional budget office enter directly contradicts the comment t made by the senator fm ohio on wages and corporate tax cuts can i ask unanimous consent that it be included. >> without objection. >> thank you mr. president.d if i could have the attention of my colleague from pennsylvania i want to pose a question to him on a matter as we have indicated been digging through the amendments and as far as i can tell what we have is the earlier language which imposes new tax on investment income of large university endowment. that's been the bill. now, there seems to be a new exception on page 289. the bill says the new tax does not apply to university otherwise subject to the task described in the first section which is 51182b and does not receive the funds. this is new. i'm trying to figure out why there is this special exemption, can't seem to find othe

liked what president then candidate trump said about helping average folks but according to congressional budget office that's not what we're seeing i mean we we show that there are the c b o shows the nonpartisan congressional budget office there the score keeper for congress that millionaires really do much better than average taxpayers under the senate bill the average amount of income in this country is something like fifty six or sixty thousand dollars a year and those people end up actually paying while millionaires will get some sort of deal nearly sixty thousand dollars in the first year and about nine thousand dollars in twenty seventeen the lower twenty twenty seven the last year while individuals that are that are in the average group they're going to sensually pay a few hundred dollars so susan do you think there's any rhyme or reason to what candidate truck trump talked about in the bill as we now see it i would say absolutely not this is not a populist bell this is not giving. breaks to people who need it most and said we see immediate tax increases on the lowest earners and then everyone

according to congressional budget office if we don't take this action, rates will go up 25%.if what we have includes lower premiums, less debt, less money going to obamacare subsidies, and it doesn't bailout insurance companies, why should we not pass it. i think we should pass it. i don't want to run into marty parish between christmas and new year's and say, sorry about that christmas present. i could have -- i couldn't get it don't. she would say, isn't the president for it? i would say yes. didn't the democratic leader say that the democrats are for it. i would say yes. and then she would ask, why didn't it pass? i would have a hard time coming up with thats answer. i hope over the next few days we are able to did what the democrats and republicans have suggested and what 12 democratic senators and 12 republican senators have offered to the senate in alexander-murray, and what have offered, both ideas are very much like two provision voted on this year on the house of representatives' list, realize it's the christmas season and a very nice christmas present for nine milli

the congressional budget office a nonpartisan institution has said that thirteen million people might lose their health care cost of an amen thank you very much. german police are investigating a suspicious device that was found near christmas market in the city of pasta and outside of berlin police evacuated the market by they examine the contents of the package security is high in the area after last year's truck attack in berlin but at the ready say the device in part stems probably a fake bomb. attendant booths and empty streets the vacation left this usually crowded area deserted news of a possible bomb newport's timbs popular christmas market spread fast causing disbelief and an ease among locals in esslemont that moves us and i first we thought this had to be a joke maybe some kids milling around but it turned out to be rather serious you only realize the tress after a while yes a month from now we're just keeping a safe distance i will see what happens next flashing blue lights and sirens in the middle of market stalls and festive decoration the haunting reminder of events in

the congressional budget office has said repealing just the individual mandate will likely raise premiums to help cover older, sicker people, but it will also save the government money as people drop out of the subsidized obamacare marketplaces. >> by admitting the tax bill was a vehicle for hurting obamacare, the president also handed democrats potentially a powerful talking point for 2018. none of that got in the way of the republicans' lovefest yesterday, one which i misquoted, saying joe biden was praising the president. that, of course, was the man you see there, mike pence. even with funding for the government set to run out tomorrow, for the latest, we bring in cnn's abby philip from the white house. >> reporter: well, christine and dave, the president and republicans were jubilant at the white house with the passage of the first major legislative victory of his administration. the president talked a lot about the corporate tax rate going down and the money that will be coming back home from overseas. but republicans had nothing but praise for him and his leadership, getting them o

in the new report the congressional budget office said millions could lose insurance coverage and facenbc's tom costello reports on the impact on health care from the gop tax plan which could strip away significant medical deductions for millions of americans. >> here we comment >> reporter: another day of physical therapy. born with spina bifida, his parents spend $25,000 a year out of pocket on his car and itemize and deduct much of it from their taxes. >> nice job. i like that. >> reporter: under the house plan, that deduction would go away. >> i can't see us taking away care for him so most likely it would be, you know, putting ourselves into debt to be able to care for him. >> reporter: last year nearly 9 million households claimed medical deductions, more than half 65 and older. including for in-home therapy, costly medication ands nursing care. expenses that often total much more than the new standard deductions republicans are proposing of $12,000 for individuals, 24,000 for couples. >> for any family caring for a senior in a nursing home, or for any family caring for a disable

congress are going to jail well a couple of things one you know not only that group but the congressional budget office which is run by a republican appointee but it's a nonpartisan in the staffers and that the person a guy named keith hall used to be the top economic council advisor for president bush so he is a republican but he's a public servant and a good fellow widely respected so they've also come up with these numbers and i don't know if we have them on the on the chart but they did this analysis and if you take a look at you know what people over a million dollars will be making in twenty nineteen they will get a huge nearly sixty thousand dollars tax benefit and if you go all the way out to the to be out years to twenty twenty five twenty twenty seven they'll get twenty five thousand dollars and then ninety one hundred dollars in a benefit on the flip side if you go and you look at the least fortunate among us those making less than forty thousand dollars a year in year in twenty nineteen the full first full year they will essentially be paid be paying the not a lot but seventy nine bucks for

according to the congressional budget office, on the current path, the nation will have a debt of about trillion in ten years, that is a massive amount and 91% of our gross domestic product. if the tax bill were passed. if either the house or snacial were passed. that would at 1 the 2 there does more to the debt according to the joint committee on taxation. now republicans say that they don't think that number is accurate. they think all the tax cuts will actually decrease the deficit, and it looks like tonight, judy, that of all those republicans, one republican seems to be believing the analysts, all 51 others are breefg their sense that the tax cuts will help the economy. >> woodruff: and that one, of course, we mentioned being senator corker from tennessee. lisa, once this is out of the is that, it still has to go to conference committee, they have to work out an agreement with the house. what does that look like? >> to be honest, judy, there are big differences in these bills as they stand now. the amt being back in the bill as i just mentioned now, the difference on the small busi

the congressional budget office says it will add nearly $1.5 trillion to the deficit.mer senior white house official michael flynn has pleaded guilty on friday. guilty to lying to the fbi about his contacts last year with russian officials. flynn was fired as national security adviser in february, but he is now cooperating with the investigation into russian meddling in the 2016 election. >>> cnn has learned that president donald trump is likely to announce next week that the u.s. recognizes jerusalem as the capital of israel. the united states has been legally required to move its embassy to tel aviv to the ancient city since 1995. however, like successive presidents, mr. president is expected to waive that move for now. and his administration considers how to handle that change. >>> german police lock down a christmas market in potsz damn, this near berlin on friday. they defused what looked like an improvised explosive without a detonator. it was delivered to a nearby pharmacy. police are investigating who sent it. >>> last december, 12 people were killed when a tra

this is all based an a congressional budget office estimate of growth over the next ten years, the g.d.p. growth, the economic growth. so we're sort of in a straitjacket that although we believe this tax reform proposal will help in terms of that growth, we have to go by this number of 1.9%. and 1.9% is anemic growth. that's sad. if we can't do better than 1.9%, we've got real problems in this country. that's for the next ten years projected. as you have said, it is kind of interesting they're projected 1 moi 9 -- 1.9%. others are projecting other numbers. it was adjusted yesterday to 3.3%. the quarter before, the second quarter this freer's year,3%. so 3%, 3.3% the last two quarters and yet they're saying 1.9%. again there are others out there. there is a private forecast. others indicated 30.4% next year. the average since world war ii is far higher. even with a lot of recessions and other natural as does it is 2.5% or movement so this is not normal. this is a relatively low rhode island i know we can do better. i don't say as some do that this is somehow the new normal. we've got to d

president, i ask unanimous consent to enter into the record a report from the congressional budget office making it clear on the cover where it says the analyses and conclusions expressed there should not be interpreted. it directly contradicts the comments made by the senator from ohio on wages and corporate tax cuts. i ask unanimous consent that be included. the presiding officer: without objection. mr. wyden: thank you, mr. president. and if i could have the attention of my colleague from pennsylvania, i'd like to pose a question to him on a matter we have, as we've indicated, been digging through the amendments. and as far as i can tell, what we have is the earlier language, which imposes a new excise tax on the investment income of large university endowments. that has been in the bill. so be it. now there seems to be a new exception on page 289, the bill says that the new tax does not apply to a university otherwise subject to the tax if it is described in the first section, which is 511-a-2-b and which does not receive federal funds. this is new. and i'm trying to figure out why th

the congressional budget officer sa -- office says it could increase by more than a trillion dollars. >> president trump will speak live at 3:00. you can watch that news conference right here on nbc 10 and could want on nbc 10 for up. >>> parents are suing the parentsover one of the suspects as wellhe suspects last wee denao an cousin t guilty to killing the four men. today thets of sturgess filed a wrongfulauit. >>> ok set a date to hear . crim charjs against the in the train derailment in 2015. police sayve was a a a 200 her-r derative license plate. >>> as we closer christmas you're running out of todas the deadline for ones. priority mail. priority express is on friday. slopes. a live look at the p into theto. enn "hurricane" schwartz has your most accurate forecast. weekend. in wing among ton we have a lot of these aclouds. the lower ergs r portion is dry. we are not talking about any rain or snow here, just holding down the temperature a bit. this is northeast philly. 42 in potstown. theyit le hillhi of the year.yeerday's high was 58. we were 50 early this morning. the afternoon

the congressional budget office isn't the only nonpartisan government office that crunches the numbers on things like this. for tax bills, there is also system called the joint committee on taxation. and we've been waiting to hear from them and republicans have been hoping they would put out their report on the bill, and the joint committee on taxation, their report would be better. they wanted that committee to do their analysis to affect the republicans' greatest hopes, and optimism, about all good things that might happen because of this tax bill. they should score it that way. that report is now out. it does use the magic dynamic scoring that the republicans were so excited about with this report, but it turns out, even with the magic dynamic scoring, the numbers are still terrible. even these very optimistic new dynamically scored figures that are just out from the joint committee on taxation, they still say what the republicans are doing with this tax bill will add a trillion dollars to the debt. and the way you get to that terrible outcome of a new trillion dollars in debt is by

without that penalty, the congressional budget office proj about 13 million more people will not buynsurance by 2027. cbs news and slate political analyst are skeptical about republicans and democrats coming together on a new healthcare plan in the new year. >> the republican party is not committed to universal insurance, not committed to expanding coverage the way the democrats are. the promises are going to ring hollow given that there isn't a republican coalition that exists that wants to expand health insurance. >> reporter: while the president did not get a full obamacare repeal, he did get to sign a tax overhaul bill before leaving the white house for the holiday. last night he tweeted, all signs is that business is looking really good for next year, only to be helped further by our tax cut bill. will be a great year for companies and jobs. stock market is poised for another year of success. [ bell ] >> reporter: investors have driven up the stock market to record levels in 2017. mola lenghi, cbs news, the white house. >>> right now, the northern half of the country is in a dee

it put the expense, responsibility and burdens on the states and basically said, as the congressional budget office said, it will not have any effect on the federal budget because the federal government is doing nothing. the senate report said it will not have any regulatory impact. >> suppose i read these cases, that the federal government can constrict city officials for its own purposes. the federal government does whatever it wants consistent with the commerce clause. but it cannot conscript state officials in order to help the federal government do it. if that's the way i see these cases, who is being conscripted in order to do what here? >> it is both conscription and commandeering indirect in the states. all those terms are applied in this. what is being constricted here is the legislature of new jersey has been told it may not regulate an activity that is taking place in new jersey if there is a legal gambling going on. -- illegal gambling going on. it cannot regulate that activity. >> the way you say that, the federal government is saying to the state that you cannot do something. that sou

the congressional budget office has said repealing just the individual mandate will likely raise premiums to help cover older, sicker people. but it will also save the government money as people drop out of the subsidized obamacare marketplaces. >> now, by admitting the tax bill was a vehicle for hurting obamacare, the president may have also handed democrats a powerful talking point for 2018. none of that got in the way of the republicans' big celebration yesterday. >> something this profound could not have been done without exquisite presidential leadership. >> this has been a year of extraordinary accomplishment for the trump administration. >> we're going to make this the greatest presidency that we've seen not only in generations, but maybe ever. >> president donald trump delivered a great victory for the american people. >> all friends. i mean, i look at these people, it's like we're warriors together. >> the president has yet to sign that tax bill, but companies very quick to announce plans to pass some of their big tax savings to their employees, supporting the claim that corporat

when congress passed the statute, it had a report from the congressional budget office that specifically said this will have no budgetary impact on the federal government. >> can we interpret that as saying if you do regulate, then it will be printed? >> it may be preempted. as you know, congress may adapt a statute that expressly preempts or in some cases impliedly preempts state laws in aare inconsistent or way that obstructs the accompaniment of the federal -- >> is this your argument? don't just say yes. >> forget the airline act. it was a bad example. think about what you actually say is the federal government makes the determination of what interstate congress will be like in respect to this particular item. it can do that. -- ok, once it makes that determination, it can inconsistentlaws with that determination. that is called -- it cannot say that our determination is roughly that states can do it as they want but they cannot do it that way. for to do that is to tell the state has to legislate, in which case it is the state and not the person who becomes the subject of a federal l

. >> there's a number of reasons for one even congressional budget office which is skeptic of tax cutisfies at least one dollar out of every four cut from corporate tax will show up in workers paychecks economists think twice as much as that. >> one thing you said this would add a trillion in the deficit. that's not what we're used to hearing from republicans. is this new territory that they're cop vipsed the economy will grow and not affect things that ba badly. >> they're not including economic growth from the bill that generate tax reef knew. >> the numbers of the segment and economy is firing on all cylinders. is that a good things. >> a risk of having tax cuts now and if economy is strong and making it stronger then the rates and that's a fear the market has. and how much these tax cuts can do and it's possible we can boost economy extra half a percentage point over time. that say lot of revenue for governments as a result of economic growth. so they've about aekt philadelphia. >> president of national tax next up looking for ways to give back this holidayen s i hope you are. sta

we ca the congressional budget office, a nonpartisan group, says gop plans would increase the national deficit by $1.5 trillion by 2027. there is a lot in place that says congress has to make up the money somehow and without new taxes. that means making up those trillions of dollars in cuts to the program. that same law caps the potential cuts to medicare at 4%, or $25 billion. so, how those cuts will impact visual -- individual patients is too soon to say. but we can say we are pulling for you, and hour verify team is already working for you, getting answers and separating fact from fiction. find us on facebook, twitter or email the whole squad directly. the address, verify@wusa9.com. >>> some virginia lawmakers are taking a stand about those huge tolls on i-66 between the beltway and d.c.. now, 16 members of the house of delegates want the tolls suspended, until they have a chance to look at legislation that would set a cap on it. delegates told reporters when the plan to collect those tolls first came up, they were told the cause would peak at about $70 round-trip. not there nearly

. >> the nonpartisan congressional budget office predicts the legislation will add $1.4 trillion to the national debt over the next decade. anne-marie. >> hena doba here in new york. thanks so much, hena. >>> ahead on "cbs this morning," we'll talk with dan senor about how much the tax overhaul will play in upcoming congressional elections. >>> gop congressional leaders are struggling to avert a looming government shutdown. congress has until midnight tomorrow to pass a temporary spending bill. the house is expected to vote today. the senate would follow. key senate republicans dropped a demand for a year-end obamacare fix and an $81 billion disaster relief bill will get a separate vote. >>> and later today, the u.n. assembly is going to vote on a resolution criticizing president trump's decision to recognize jerusalem as the capital of israel. earlier this week the u.s. vetoed a security council resolution requiring the u.s. to rescind the declaration and not move the u.s. embassy there. yesterday president trump threatened to cut off funding for those who vote against it. >> for all o

conyers did admit to using $27,000 from his office's budget to settle harassment claims of a former staffer. in other office it is congressional slush fund cut the check, the office of compliance has reportedly paid more than $17 million since 1997 in settlements for various violations of employment rules, according to politico 84,000 taxpayer dollars used to settle a 2014 sexual harassment against texas republican representative blake farenhold. >> this is why only 6% of americans think that congress is doing a good job, you see the auctions that cbs, nbc take when allegations against very well-nope men against positions of power and we don't do the same and i think it's a disgrace. >> some lawmakers are trying to pass legislation that make public and also ban them in the future. neil. neil: ellison, thank you very much, meanwhile private companies, accusations come out and so the executive or anchor being charged. nbc, biggest example this week with oust of matt laer. difference between what happens in corporate america and what happens with our, well, representatives of america, it is odd, is it not? >> people are frustrate

without that penalty, the congressional budget office projects about m by 2027. cbs news and slate political analyst jamal bowie is skeptical about republicans and democrats coming together in the new year on a new health care plan. >> the republican parsy is not committed to universal insurance. not committed to expanding coverage the way the democratic party is. his promises are going to ring hollow given there simply isn't a republican coalition that exists that wants to expand health insurance. >> reporter: while the president did not give a full obamacare repeal, he did get to sign a tax overhaul bill before leaving the white house for the holiday. last night, he tweeted -- all signs are that business is looking really good for next year. only to be helped further by our tax cut bill. we'll be a great year for companies and jobs and stock market is poised for another year of success. [ bell dinging ] investors have driven up the stock market to record levels in 2017. mola lenghi, cbs news, the white house. >> many wall street analysts are predicting the the

premise also flies in the face of earlier conclusions made by the treasury department and the congressional budget office. a laundry list of economists call the cea report everything from ridiculous to fatally flawed. former treasury secretary lawrence summers goes one step further, calling the $4,000 figure absurd on the face of it. that is in part because research suggests companies are more likely to pass their tax windfalls to shareholders, not workers. but in the end, trump's plan is trickle-down economics plain and simple, which an overwhelmingly majority of economists think doesn't work. >> so if you don't want to look that far in history, let's look to the uk that did it much more recently. over the last decade they cut rates from 30% to 19%. what happened? wages fell. so you're creating a huge tax cut and you might not get wage growth. >> right. the concept is if you have a tax cut that generates economic activity so that it's either revenue neutral or revenue positive for the government, lower taxes but more people are paying it or something like that, we've shown that using tax cuts as a lever

the congressional budget office said today that if the debt limit remains unchanged, the ability to borrowusing extraordinary measures will be exhausted by this spring. if that occurs, the government could potentially default on its debt obligations. >>> there are also reports tonight that the house of s is working on a bill to extend the funding of the government until december 22nd. that would help avert a government shutdown next week and give the chamber more time to negotiate with democrats on a longer term funding plan. >>> the world's largest oil producers have agreed to extend production cuts through next year. the price of domestic crude was little changed, but the decision may signal that opec is still concerned about oversupply in the market. steve sedgwick is in vienna >> reporter: after the talk of contention and splits in the ranks, what we had is a continuation of the policy of opec and nonopec allies, including russia, the largest oil producer on the planet, beyond the end of the first quarter 2018, to the whole of 2018. that means 1.8 million barrels a day of oil will be t

and just yesterday the nonpartisan congressional budget office confirmed that and here's what they said will happen regardless of whether alexander-murray becomes law as well. premiums will go up 10% each year. 13 million people will lose coverage. and markets will be even more unstable which experts have said will cause some of our communities to lose their coverage options. now, mr. president, there's been some discussion of whether passing something called reinsurance, which is a program designed to help with the cost of enrolling the sickest patients might mitigate the serious damage that this republican tax bill would do. the answer is no there as well. this policy is good policy on its own, but it will not stop the premium increases. it will not stop the coverage losses. and the chaos that this republican tax bill will cause. mr. president, republicans are doing everything they can to avoid the facts. doesn't make them go away. while hiding behind these bipartisan bills might seem like a good talking point here in washington, d.c., political covered doesn't pay families' medical b

by the joint committee on taxation or the congressional budget office. maybe that desire to cover up the consequences of this is the reason they've added these questionable provisions to provide a fig leaf of coverage for hesitant members, skittish members who want to be able to explain this vote back home. mr. speaker, i've heard for years republican colleagues decry fiscal irresponsibility. a lack of regular order in these chambers. a lack of orderly, responsible procedures. they've talked about tax reform that simplifies the tax code. that benefits hardworking families. well, what we've seen today and what we've seen in recent days as this bill came to the floor is just a total contradiction of all that they've professed to stand for all these years. these words are nothing but lip service and false promises. they've sloppily drafted this bill behind closed doors, they plan to raise taxes on 86 million middle class families. they plan to add $1.5 trillion to the national debt. despite claims that this bill will benefit the middle class, 83% of the tax

earning one million or more would get a five point eight billion dollar cut according to the congressional budget office it's a return to the trickle down theory of economics which is it is like the tooth fairy it's ok to believe in when you're little but. not now once you've read a book in. the new york times euphemistically says it's the trickle down story has yet to achieve its promised happy ending only the beginning reliably transpires the part where wealthy people get relief ok they're right about the analysis but why i call it relief relief implies there was some sort of struggle some sort of way and what went wrong way does the average multi millionaire face that their heard from sitting in their mercedes on a tax cut to allow them to hire extra karmas juice to rub their butt crack and on the way. like you're trying to tell in a single mother and plan a rico who has an electricity and two minds that the people with twenty million in the bank need some really. american worker pay average workers has been stagnant since the mid nineteen seventies three americans now have three people now have as m

congressional budget office released a report taking into account changed attacks build and deserves is like medicare and medicaid. the upshot is diminishing returns for any tax bracket. for some of the lowest in. as per year the bill will cost them a forty eight hour as per year right off the. but he seven hundred eighty eight dollar hole in their budget by twenty. seven households near the median income fifty seventy five thousand dollars per year will start with an eight hundred twelve dollar benefit but by twenty twenty seven will see hundred thirty nine. i lost even the richest americans who will benefit the most see there's benefits going down from around fifty nine thousand dollars per year and the just around nine thousand and ten years. wall street's been giddy this week over that impending tax bill the dow looking for its sixth straight hague day of gains friday. but news of former top trump advisor michael flynn pleading guilty to charges winds the fbi sent equities index is plummetin. they're on the rebound though is that tax bill gains momentum however the down as in p.

but analysis from the joint committee on taxation and the congressional budget office, two nonpartisan score keeping bodies within congress say just the opposite. and the lies, they keep rolling in. the president keeps saying his tax plan will not be good for him and his family. no, it's going to be great for him. superb for super rich families like his own. when steven mnuchin promised that his treasury department would release analysis proving the great effects of tax cuts on economic growth, well, it turned out, they did nothing. we're being deceived. >> we're entirely being deceived. the cbo, one of those scores, you can take any measures you want. there have been a lot of studies of this. the cbo and joint committee on taxation are within congress but there are other agencies that looked at this thing. by 2019 people making less than $30,000 are worse off. by 2027, everybody making less than $75,000 is going to be worse off. but 62% of the benefits of the tax cuts go to the top 1%. so again, you can like this tax bill for what's in it. you can't like it because it's good for the m

and they at the same time denigrate the legitimate sources of facts, whether they be the congressional budget officee joint tax committee or newspapers, you know, cnn, pbs. it doesn't matter. you have forces in this country that refuse to actually deal with the truth. and the truth is essential to a democracy. >> how do people get the truth when it comes to numbers, when it comes to numbers that are bigger than most of us can count up to, and when it comes to a tax plan that is so convoluted and complex that many members of congress don't even read the thing from the first page to the last page before they vote for it? how do the american people have agency when it comes to matters that are this behemoth in size? >> it's an important question, tavis. the only thing we can hope the american people will get is the biggest picture, that is, who benefits and who loses, and when do they benefit and when do they lose. if they look and ask those fundamental questions, don't even get in the details, don't even get in the weeds, just who benefits and who loses, overwhelmingly people will see that the biggest

a recent congressional budget office analysis found those earning over will benefit the most. in ten years lower and middle income americans lose out. senate democrats are blasting the bill. >> what this is is a grab bag full of special interest goodies for multinational corporations. >> reporter: on cnn independent senator angus king criticized the process. >> to call this a circus would be an insult to circuses. >> reporter: the senate will vote this morning but it's unclear what exactly they'll be voting on. kenneth and diane, those negotiations will be playing out in the coming hours. >> it'll be interesting to see if the lawmakers know what they're voting coming up. >>> rex tillerson is expected to join president trump for lunch at the white house today amid reports that tillerson is about to be replaced. sources say a plan is in the works to push tillerson out by the end of the year possibly replacing him with cia director mike is here and his press secretary gave a similar response. >> can we deduce from that the president has confidence in the secretary of state? >> i

. >> reporter: with fewer people on obamacare, the congressional budget office predicts a $338 billion savings helping to offset tax cuts for the wealthy. meanwhile, president trump wants insurers to offer short-term coverage that doesn't cover pre-existing conditions as obamacare requires. the risk? >> we're going to shunt the healthy people, de facto, into the cheaper plans and the sicker people will stay in obamacare making obamacare even more expensive. >> obamacare is collapsing and failing. so we won't be able to ignore that problem. >> reporter: mandate or not, obamacare is analise's only option. >> i hope that it's still affordable. i hope that it's still available. >> reporter: obamacare 2018 enrollment ends tomorrow. but with the white house allowing just a six-week signup window, several million fewer people may buy in, further undermining the market. tom costello, nbc news, washington. >>> tragedy tonight in the southern california wildfires. a firefighter was killed while battling the thomas fire, one of the largest in state history, though officials have yet to reveal det

one point four billion dollars a year over the next ten years for the government but the congressional budget office disagrees with that and there's been a lot of controversy surrounding this bank for years but that's what it is that's what it does twenty percent of the funding bianca is supposed to go to small businesses and there's literally been thousands of u.s. businesses that have been helped by the export import bank since it was created as i say back in the one nine hundred thirty s. . at this point what do we know about the rejected nominee former congressman scott garrett. well i know a little bit about mr garrett was a new jersey republican he was on the house financial services committee and so my stuff i followed that he was a really good and thorough member on that committee even though we disagreed on some of the regulatory things as you might imagine but he had a real penchant and personal dislike for the export import bank and he saw it as competing against the private sector now the charter of the bank and it's been confirmed in law says that it shouldn't compete with the private s

according to the congressional budget office and joint committee on taxation it will add $1.6 trillion to the debt. and we bee gibb today with treasury secretary steve mnuchin, welcome, mr. secretary. let me ask you a question about priorities in this. throughout the discussion about this tax bill it's been clear the corporate rate is going to drop significantly, all the way to 21% at the end, for middle class they do get a tax cut. but for a president who dedicated his p presidency to the forgotten man who ran as populous is the waiting -- weighting here correct? >> absolutely. first of all let me just say this is a historic event. people said we wouldn't get this done. we're on the verge of getting this done. the single biggest change to the tax system ever that president trump is going to sign. his priority alone has been fixed a broken system. over 90% of people will be able to fill out their taxes on a postcard. the corporate tax rate going from the highest in the world at 35% to 21% makes us competitive. more important we fix a system where we now tax on u.s. income, which is all

congress are going to do what couple of things one you know not only that group but the congressional budget office which is run by a republican appointee but it's a nonpartisan in the staffers and that the person a guy named keith hall used to be the top economic council advisor for president bush so he's a republican but he's a public servant and a good fellow.