McCain Backs the Tax Bill, Odds of Passing It Soar

13

Arizona Republican John McCain, a critical vote on the Senate’s tax bill, said Thursday that “after careful thought and consideration” he’s decided to support the legislation: “I believe this legislation, though far from perfect, would enhance American competitiveness, boost the economy, and provide long overdue tax relief for middle class families.”

McCain added that, while he takes seriously the concerns raised by some of his fellow Republicans about the higher deficits that would result from the $1.4 trillion tax cut, the net economic impact of the bill “would be positive.” McCain’s announcement leaves just five GOP senators undecided: Susan Collins, Bob Corker, Steve Daines, Jeff Flake and Ron Johnson.

Like what you’re reading? Sign up for our free newsletter.

McCain’s announcement moved the bill one big step closer to the finish line — and maybe further than that. CNN’s Manu Raju said that “McCain voting for bill likely means Flake too will support it. Corker too. Unlikely that Daines, Johnson and Collins all will vote and sink Senate bill. Bill likely to pass Senate.”

Stocks soared as investors reacted to tax plan’s growing momentum and traders on PredicIt, an online market that allows individuals to place bets on specific events, agreed, pushing the odds of the bill passing to 93 percent.

[[{“fid”:”110042″,”view_mode”:”inline”,”fields”:{“format”:”inline”,”alignment”:””,”field_file_image_alt_text[und][0][value]”:”PredictIt chart – Senate tax plan odds”,”field_file_image_title_text[und][0][value]”:”PredictIt chart – Senate tax plan odds”,”field_description[und][0][value]”:”%3Cp%3EPredictIt%20chart%20-%20Senate%20tax%20plan%20odds%3C%2Fp%3E”,”field_description[und][0][format]”:”full_html”,”field_copyright[und][0][value]”:””},”type”:”media”,”field_deltas”:{“1”:{“format”:”inline”,”alignment”:””,”field_file_image_alt_text[und][0][value]”:”PredictIt chart – Senate tax plan odds”,”field_file_image_title_text[und][0][value]”:”PredictIt chart – Senate tax plan odds”,”field_description[und][0][value]”:”%3Cp%3EPredictIt%20chart%20-%20Senate%20tax%20plan%20odds%3C%2Fp%3E”,”field_description[und][0][format]”:”full_html”,”field_copyright[und][0][value]”:””}},”link_text”:null,”attributes”:{“alt”:”PredictIt chart – Senate tax plan odds”,”title”:”PredictIt chart – Senate tax plan odds”,”height”:272,”width”:620,”class”:”media-element file-inline”,”data-delta”:”1″}}]]

Top Reads from The Fiscal Times

Source