They highlight a fight between the bill writers and budget hawks led by Chip Roy.
The number that lawmakers had tentatively settled on last Thursday — around $4.7 trillion — would make it virtually impossible to implement anything above an extension of the expiring tax cuts.
I think that's telling. Mainly, it shows that the tax cut is the sacred cow and that all other election promises are going to be much tougher.
No tax on tips, Social Security, overtime payAdjust SALT capTax cuts on products made in America
There the possibility that they can't find enough consensus or tax cuts to appease the deficit hawks. A sign of that would be if the first Republican bills are split, with border security, energy and defense in the first bill. That's something that the Senate also appears to favor.
The risk is that we see some major kicking and screaming in the stock market if it looks like the hawks could win. Reading the report makes me think that it won't be easy, especially with just a 217-215 majority in the House.
This article was written by Adam Button at www.forexlive.com. Read More Details
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