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Why the tax bill may not be as big as the Senate thinks

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The Senate’s tax bill will add more than $1 trillion to the national debt, but the Trump administration is still insisting that the plan will generate a “massive” tax cut.

| Getty The House bill is expected to cut the tax rate on high earners to 25 percent from 35 percent.

| AP The Senate is expected take the bill to the floor for a vote on Thursday and pass it.

The president and Senate Majority Leader Mitch McConnell have said that a final deal will be reached in the next two weeks.

They expect the House and Senate to pass their tax legislation in roughly the same time.

But Trump is still demanding a deal, even as his team has been telling reporters that it will be a tax cut, not a tax increase.

“This is the greatest tax cut in the history of the world,” Trump said Wednesday night.

The White House, which is in talks with senators about how to reconcile the two bills, has been urging them to get a deal done sooner rather than later.

But House Speaker Paul Ryan and Senate Minority Leader Chuck Schumer have said they will not compromise on the tax plan, which has become a defining moment for Trump and his supporters.

“The president’s insistence on a deal that does not increase the deficit is unacceptable, and it is a reason why the American people should not be paying more in taxes,” Schumer said in a statement Wednesday night, adding that “we have made clear that we are not willing to compromise on tax reform.”

The White Senate Office of Public Affairs released a statement saying the administration “continues to urge” Congress to pass the House-passed bill as soon as possible.

Trump said Thursday morning that he will not negotiate with Schumer and Ryan.

“I’m not negotiating with Mitch and Chuck Schumer,” Trump told reporters.

“We have to do our jobs, we have to get our jobs done, and we have got to get it done quickly.

I’m not going to negotiate.

I will do what I do.”

On Wednesday, House Minority Leader Nancy Pelosi, D-Calif., said in an interview on CNN that the bill will be “very, very bad” for the economy, adding, “I think it will make the economy worse.”

House Speaker Ryan said in the same interview that the tax cuts will create jobs, but he said that Republicans should not compromise.

“There is going to be a great deal of disagreement among Republicans about the exact way that this is done, but we’ll find a way,” he said.

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