trending Market Intelligence /marketintelligence/en/news-insights/trending/BzjQkJyXIuQcTjzLOKW4sg2 content esgSubNav
In This List

Trump, Senate leadership manage expectations on tax reform

Video

According to Market Intelligence, December 2022

Blog

Insight Weekly: Layoffs swell; energy efficiency PE deals defy downturn; 2023 global risk themes

Blog

Spotlight on sustainability: How banks can overcome the challenges of achieving net-zero emissions by 2050

Blog

Insight Weekly: Energy crisis cripples Europe; i-bank incomes rise; US holiday sales outlook


Trump, Senate leadership manage expectations on tax reform

President Donald Trump and Senate Majority Leader Mitch McConnell, R-Ky., tempered expectations for tax reform by the end of 2017.

"The goal is to get it done this calendar year, but it is important to remember that Obama signed Obamacare in March of year two," McConnell said during a press conference at the White House on Oct. 16. "Obama signed Dodd-Frank in July of year two. We're going to get this job done, and the goal is to get it done by the end of the year."

Trump said he has only been in office for nine months and, following McConnell's remarks, added that "we could have a long way to go, but that's okay."

Trump harkened back to the tax reform package passed during Ronald Reagan's presidency, saying it "took years" for that administration to pass legislation.

Both McConnell and Trump denied that their relationship is in any way strained, countering previously published stories indicating the two are often at odds.

"My relationship with this gentleman is outstanding, has been outstanding," Trump said of McConnell in the White House Rose Garden. McConnell added that he and Trump are "together totally on this agenda to move America forward."