"And I'll tell the peasants that we had to agree to a deal before the Asian Markets open on Monday morning..."
A. The story is more or less bogus
B. The tax revenues are the number that has been on the table for weeks. It is not a tax increase. It is presumed tax revenue increase from economic growth. Not a single rate would be changed. It presumes unemployment drops, more people work, more tax revenue comes into the govt. Not a tax increase at all, and the House GOP members would not oppose this.
The story is bogus.
It’s also wrong. The two step approach is now the choice, and It Will Pass The Senate. Small ceiling increase with spending cuts in excess of the amount of that increase, with a commitment for tax reform steps later this year that generate no increase in rates, and may lose a bipartisan vote.