How to fix a $1 trillion deficit without raising taxes

The House of Representatives passed a bill Thursday that would allow Congress to increase taxes on corporations and individuals without raising the nation’s debt limit, and Republicans are promising to sign it into law without any Democrats joining them.

The legislation passed 217-213, with all Democrats voting against it.

House Speaker Paul Ryan Paul Davis RyanHouse passes bill to avert default on nation’s debts GOP senators delay Kavanaugh confirmation for one-week Dems Senate to vote on Kavanaugh MORE (R-Wis.) had said earlier this week that the Senate would have to agree to a higher tax rate on the wealthy to pay for it.

Senate Minority Leader Charles Schumer Charles (Chuck) Ellis SchumerBiden urges Trump to ‘fix’ DACA The Hill’s Morning Report — Senate Judiciary panel to vote Friday on Kavanaugh nomination MORE (D-N.Y.) on Thursday urged Ryan to reject the GOP bill and instead focus on the $1.4 trillion tax package that he and other Republicans want President Trump to sign into law.

“The Senate has passed a tax bill, it’s been passed by the House, it has been passed in the Senate, and we have a bill,” Schumer said on CNN.

“We have a plan to address this problem, but it’s going to take a few weeks before the President signs it into the law.”

Schumer added that the tax package would be “better for small businesses than the Republican plan, and I’m asking him to veto the Republican tax bill.”

He added that he believes Ryan would “do the right thing” by vetoing the tax plan.

“We have to be realistic about what we’re doing here,” Schumer told CNN.

“When you look at this, the tax bill is a much better bill for small business than the House bill.

It will have more benefits for small, medium and large businesses, which are the kinds of people who are going to pay the most.”

The bill also includes a measure that would let families take home more money if their taxes were increased, according to the nonpartisan Tax Policy Center.

Ryan had said in December that he wanted to raise taxes on the wealthiest Americans, and Democrats have argued that it would do more to increase the national debt than to address the deficit.

But Schumer on Thursday said he expects Republicans will work with Democrats to pass a tax plan that would do both.

“I’m hopeful that they’ll work with us, and they’ll do the right things.

I think that’s what I’m hoping for,” Schumer, a member of the Congressional Black Caucus, said on MSNBC.”

But they’ll have to make some tough choices.

There’s going of the Senate where there are a lot of votes to pass the tax reform bill.

And then there’s going on the House where there’s a lot to pass.”

The White House did not immediately respond to a request for comment.

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