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Finance committee halts work to fix Senate tax bill's budget problems

Finance committee halts work to fix Senate tax bill's budget problems

Senate Republicans halted their effort to advance the Tax Cuts and Jobs Act on Tuesday afternoon to allow time for a revamp of the bill, one that will include repeal of Obamacare's individual mandate and make other changes to ensure that the legislation doesn't run afoul of the upper chamber's rules.

Sen. Orrin Hatch, chairman of the Senate Finance Committee, recessed the panel, promising an amended bill later Tuesday, although he did not say when it might come.

But more revenue-raisers will be necessary to ensure that the tax cut does not add to deficits, on paper, beyond the 10th year.

But it would not be sufficient to ensure that the bill didn't add to the deficit in the out years, said Sen. Bill Cassidy, a member of the committee.

"This major tax bill is now officially a moving target," said Oregon Sen. Ron Wyden, the ranking Democrat on the committee.

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