Pres. Trump wants tax cuts by the end of the year

WASHINGTON (NEWS10) – President Trump is trying to convince Congress to pass tax cuts by the end of this year.

The White House is selling “tax reform” as a way to jump-start the economy.  Some in Congress aren’t so sure.

President Trump hosted members of the Senate Finance Committee to make a personal pitch. He wants Congress to pass sweeping tax cuts by December.

Treasury Secretary Steve Mnuchin says that’s possible.

“We’re getting a lot of momentum, we’re working through these issues, we’ll make sure we have people on board,” Sec. Mnuchin said.

Those issues include concerns that tax cuts will explode the federal deficit.

The White House insists cuts will grow the economy and eventually pay for itself.

Senator Sheldon Whitehouse says the president is ignoring billions of dollars of potential new debt.

“We all know that the magic deficit wand has been waved over this so that suddenly it doesn’t matter that we have deficits any longer,” Sen. Whitehouse (D-R.I.) said.

It’s a concern NEWS10 ABC asked Sec. Mnuchin about.

“We think this tax plan will pay down the debt by a trillion dollars. How long would that take, it wouldn’t be immediate.”

For now, the White House’s immediate concern appears to be getting enough votes.

Congressional leaders have not said if and when they’d schedule a vote.

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