trending Market Intelligence /marketintelligence/en/news-insights/trending/w7VdCaQyMDv65M-ayFCqWw2 content esgSubNav
In This List

US Senate passes Republican tax bill, but House must vote again

Blog

HDFC Securities Investment Research Now Available through S&P Capital IQ Pro

Podcast

MediaTalk | Season 2
Ep.2 Back to the Box Office

Blog

The Marriage of Two Best-in-Class Solutions Delivers a Significant Advancement in Data Visualization and Technical Analysis

Case Study

A Green Lender Adopts a Robust Approach for Assessing Project Finance Credit Risks


US Senate passes Republican tax bill, but House must vote again

The U.S. Senate voted 51-48 to pass the Republican tax bill early on the morning of Dec. 20, but the measure faces another vote before moving to the president.

Because the bill did not comply with Senate budget rules, the House of Representatives must vote again on the Senate's version of the plan despite holding a vote hours earlier on Dec. 19.

Reconciliation, the process the Senate used to pass the bill with only a simple majority, stipulates that bills must follow the Byrd rule that states legislation cannot add to the deficit within a 10-year budget window. Senate Finance Committee Ranking Member Ron Wyden, D-Ore., and Senate Budget Committee Ranking Member Bernie Sanders, I-Vt., issued a statement the afternoon before the vote stating they would raise a point of order to remove the provisions that violated the Byrd rule and "require the House to vote on this bill again."

The House will reconvene at 9 a.m. on Dec. 20 and recorded votes could come as early as 11 a.m., according to the Democratic Cloakroom, though it does not specify when the tax bill vote could start. The defective measure cleared the House by a vote of 223-207, making a second approval likely.