MOSCOW (Sputnik) — The US Senate has approved the tax reform bill promoted by US President Donald Trump and backed by the Republican party, which would lead to an on-budget deficit increase of about $1.4 trillion, NBC broadcaster reported.
The bill was passed in 51-49 vote, with only one Republican party member voting against it, and now will have to be reconciled with the version passed by the House of Representatives on November 16.
"We think this is a great day for the country," Senate Majority Leader Mitch McConnell stated during a press conference after the vote.
The US president has welcomed the move, saying that he planned to sign it before Christmas, adding that the legislation would "ignite our economy with levels of growth not seen in generations."
We are one step closer to delivering MASSIVE tax cuts for working families across America. Special thanks to @SenateMajLdr Mitch McConnell and Chairman @SenOrrinHatch for shepherding our bill through the Senate. Look forward to signing a final bill before Christmas! pic.twitter.com/gmWTny3SfS— Donald J. Trump (@realDonaldTrump) 2 декабря 2017 г.
Economists on the TAX CUTS and JOBS ACT:— Donald J. Trump (@realDonaldTrump) 1 декабря 2017 г.
“The enactment of a comprehensive overhaul — complete with a lower corporate tax rate — will IGNITE our ECONOMY with levels of GROWTH not SEEN IN GENERATIONS…” pic.twitter.com/2vCBDtLh3C
Previously, the US presidentr referred to the tax reform as "a great, big, beautiful Christmas present."
Debates Around the Bill
The document has been repeatedly criticized over concerns that the reform will increase the national debt, hit US nationals with low incomes and affect the US healthcare system.