President Donald Trump on Wednesday signed a tax bill that gives him the biggest tax cut of his presidency, and Democrats are calling it a victory for the party’s economic policies.
But it was far from a slam dunk.
Senate Majority Leader Mitch McConnell (R-Ky.) said in a statement Wednesday that the Senate tax bill was the biggest legislative accomplishment of his tenure and a big boost for the economy.
Democrats in Congress have vowed to press ahead with their efforts to pass a major infrastructure package, including tax reform.
They’re counting on support from both parties in the House, where the GOP controls both chambers.
The House’s top Democrat, Nancy Pelosi (D-Calif.), said the tax bill would give the country a “much-needed shot in the arm” to “bring economic growth and opportunity back to our shores.”
Trump said he was pleased with the final product.
“I’m very pleased.
It’s going to be very good for the American people,” Trump told reporters on Wednesday.
“It’s a big, big, huge tax cut.
And the reason we’re doing it is to put our economy on the right track.
And I think that’s going really well.”
Republicans, meanwhile, were not pleased.
“Tonight’s historic tax cut will put millionaires and billionaires ahead of everyone else,” House Speaker Paul Ryan (R) said in an emailed statement.
“This bill will leave Americans behind and leave our kids and grandkids behind.
Tax cuts for millionaires and their corporations are not only not a good idea, they’re not good for America.
We must fight this Republican agenda as one unified party to take on President Trump’s extreme anti-worker agenda.”
Democrats were optimistic about the bill.
“The President is working to enact a bipartisan tax reform that will lift Americans out of the deepest recession since the Great Depression,” Senate Minority Leader Chuck Schumer (D) said.
“With this historic tax reform, President Trump is giving the American working class a big break.”
The Senate bill was passed in the Senate by a vote of 51-49.
The House passed the legislation on Wednesday by a simple majority.
Republicans said in the immediate aftermath of the bill’s passage that they would begin negotiations on legislation to fund the government through December, a move that was cheered by the business community and Trump supporters.
On Wednesday, Trump was still considering whether to sign the legislation into law, but his administration said it would continue to negotiate.
Republicans also said they were still in negotiations with Democrats over the tax cuts, with Democrats saying they would only accept the tax bills that would pass through their chamber.
“We’re very close to a deal,” McConnell said.
“It’s been an extremely productive week for the president,” said McConnell.
“We’ve got a great bipartisan agreement, and the President’s committed to signing it into law as soon as we can.”
The White House said Trump would make a decision on the bill on Thursday morning.