Senate votes to pursue tax bill negotiations with HouseWASHINGTON (Reuters) - U.S. Senate Republicans agreed to talks with the House of Representatives on sweeping tax legislation on Wednesday, amid early signs that lawmakers could bridge their differences and agree on a final bill ahead of a self-imposed Dec. 22 deadline.   The Republican-led Senate voted 51-47, along party lines with Democrats opposed, to begin formal conference negotiations to reconcile rival House and Senate tax bills passed last week. The move, which follows similar House action this week, brings Congress a step closer to sending President Donald Trump a tax overhaul that he can sign into law. House and Senate negotiators will need to work out differences on issues ranging from business taxes to the repeal of the Obamacare mandate that Americans obtain health insurance or face a penalty before lawmakers can pass a final version. But John Cornyn, the No. 2 Senate Republican, said he was optimistic House and Senate tax negotiators would be able to work out an agreement within the next two weeks. “Given the similarities between the House and the Senate bills, I think there are some obvious targets where they need to focus their attention but obviously they won’t be rewriting the bills,” Cornyn said. Republican negotiators must be careful not to agree to changes that could diminish support in the Senate, where they can afford to lose support from no more than two party members. There has been no major tax overhaul since 1986, when Republican Ronald Reagan was president.   While there are significant differences between the House and Senate bills, both would cut the U.S. corporate tax rate to 20 percent from 35 percent, provide tax relief for “pass-through” enterprises including small businesses where earnings are taxed at individual rates, and both benefit the wealthiest Americans and reduce the tax burden for most middle-class taxpayers.  Republicans claim the legislation will spur enough economic growth to pay for the tax cuts with new revenue, but the nonpartisan Joint Committee on Taxation estimates that Senate bill would still add $1 trillion to the federal budget deficit over a decade, even with an economic upswing. U.S. stock prices have rallied on growing optimism that tax legislation will become law. But on Wednesday, the head of sovereign credit ratings at S&P Global told Reuters that the rising deficit and looser fiscal policy could prompt negative action on U.S. credit ratings unless Washington addressed long-term budgetary issues.  “If U.S. tax reform is approved, it seems certain to increase the federal budget deficit,” Moritz Kraemer, S&P’s sovereign global chief rating officer, said in an interview. “A meaningful relaxation of fiscal policy without countervailing measures to address the longer-term fiscal challenges of the U.S. could lead to a negative rating action.” Senate Republicans later voted down a Democratic motion instructing tax negotiators to produce a deficit-neutral bill.   Passage of the tax bill would provide a badly needed legislative victory for Trump and Republicans after their failure earlier this year to enact legislation repealing President Barack Obama’s signature healthcare law. Trump and his Republican allies see enacting the tax overhaul that they promised voters as crucial to their strategy for the 2018 U.S. congressional elections, when all 435 seats in the House of Representatives and 33 seats in the 100-member Senate will be up for election. Democrats have been united against the bill, calling it a handout to corporations and the rich that would drive up the federal deficit. In an early sign of progress on reconciling the House and Senate versions, Senator Orrin Hatch, chairman of the tax-writing Finance Committee, said he did not think that the final bill would retain a corporate alternative minimum tax (AMT). The House bill calls for a repeal of the corporate AMT, which is designed to limit the ability of corporations to reduce their payments through tax breaks and credits. Corporate AMT repeal is not part of the Senate version. Getting rid of the corporate AMT would be popular with many businesses and would also be a concession toward the House bill. But repeal would also require lawmakers to replace the $40 billion in revenues that retaining the corporate AMT would raise over a decade. Increasing the corporate income tax target from 20 percent is seen as one way to pay for the AMT repeal and other potential changes. “I’ll keep it at 20 if I can, but there’s a drive to get it to 22. They want more money, that’s why,” Hatch told reporters. politicsNews
senate votes pursue tax bill negotiations housewashington reuters senate republicans agreed talks house representatives sweeping tax legislation wednesday amid early signs lawmakers could bridge differences agree final bill ahead deadline the senate voted along party lines democrats opposed begin formal conference negotiations reconcile rival house senate tax bills passed last week the move follows similar house action week brings congress step closer sending president donald trump tax overhaul sign law house senate negotiators need work differences issues ranging business taxes repeal obamacare mandate americans obtain health insurance face penalty lawmakers pass final version but john corbyn no senate republican said optimistic house senate tax negotiators would able work agreement within next two weeks given similarities house senate bills i think obvious targets need focus attention obviously rewriting bills corbyn said republican negotiators must careful agree changes could diminish support senate afford lose support two party members there major tax overhaul since republican ronald reagan president while significant differences house senate bills would cut corporate tax rate percent percent provide tax relief enterprises including small businesses earnings taxed individual rates benefit wealthiest americans reduce tax burden taxpayers republicans claim legislation spur enough economic growth pay tax cuts new revenue nonpartisan joint committee taxation estimates senate bill would still add trillion federal budget deficit decade even economic using stock prices rallied growing optimism tax legislation become law but wednesday head sovereign credit ratings s p global told reuters rising deficit loser fiscal policy could prompt negative action credit ratings unless washington addressed budgetary issues if tax reform approved seems certain increase federal budget deficit merit dreamer s p sovereign global chief rating officer said interview a meaningful relaxation fiscal policy without countervailing measures address fiscal challenges could lead negative rating senate republicans later voted democratic motion instructing tax negotiators produce bill passage tax bill would provide badly needed legislative victory trump republicans failure earlier year enact legislation repealing president barack obama signature healthcare law trump republican allies see enacting tax overhaul promised voters crucial strategy congressional elections seats house representatives seats senate election democrats united bill calling handout corporations rich would drive federal deficit in early sign progress reconciling house senate versions senator train hatch chairman finance committee said think final bill would retain corporate alternative minimum tax amt the house bill calls repeal corporate amt designed limit ability corporations reduce payments tax breaks credits corporate amt repeal part senate version getting rid corporate amt would popular many businesses would also concession toward house bill but repeal would also require lawmakers replace billion revenues retaining corporate amt would raise decade increasing corporate income tax target percent seen one way pay amt repeal potential changes i keep i drive get they want money hatch told reporters politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Senate votes to pursue tax bill negotiations with HouseWASHINGTON (Reuters) - U.S. Senate Republicans agreed to talks with the House of Representatives on sweeping tax legislation on Wednesday, amid early signs that lawmakers could bridge their differences and agree on a final bill ahead of a self-imposed Dec. 22 deadline.   The Republican-led Senate voted 51-47, along party lines with Democrats opposed, to begin formal conference negotiations to reconcile rival House and Senate tax bills passed last week. The move, which follows similar House action this week, brings Congress a step closer to sending President Donald Trump a tax overhaul that he can sign into law. House and Senate negotiators will need to work out differences on issues ranging from business taxes to the repeal of the Obamacare mandate that Americans obtain health insurance or face a penalty before lawmakers can pass a final version. But John Cornyn, the No. 2 Senate Republican, said he was optimistic House and Senate tax negotiators would be able to work out an agreement within the next two weeks. “Given the similarities between the House and the Senate bills, I think there are some obvious targets where they need to focus their attention but obviously they won’t be rewriting the bills,” Cornyn said. Republican negotiators must be careful not to agree to changes that could diminish support in the Senate, where they can afford to lose support from no more than two party members. There has been no major tax overhaul since 1986, when Republican Ronald Reagan was president.   While there are significant differences between the House and Senate bills, both would cut the U.S. corporate tax rate to 20 percent from 35 percent, provide tax relief for “pass-through” enterprises including small businesses where earnings are taxed at individual rates, and both benefit the wealthiest Americans and reduce the tax burden for most middle-class taxpayers.  Republicans claim the legislation will spur enough economic growth to pay for the tax cuts with new revenue, but the nonpartisan Joint Committee on Taxation estimates that Senate bill would still add $1 trillion to the federal budget deficit over a decade, even with an economic upswing. U.S. stock prices have rallied on growing optimism that tax legislation will become law. But on Wednesday, the head of sovereign credit ratings at S&P Global told Reuters that the rising deficit and looser fiscal policy could prompt negative action on U.S. credit ratings unless Washington addressed long-term budgetary issues.  “If U.S. tax reform is approved, it seems certain to increase the federal budget deficit,” Moritz Kraemer, S&P’s sovereign global chief rating officer, said in an interview. “A meaningful relaxation of fiscal policy without countervailing measures to address the longer-term fiscal challenges of the U.S. could lead to a negative rating action.” Senate Republicans later voted down a Democratic motion instructing tax negotiators to produce a deficit-neutral bill.   Passage of the tax bill would provide a badly needed legislative victory for Trump and Republicans after their failure earlier this year to enact legislation repealing President Barack Obama’s signature healthcare law. Trump and his Republican allies see enacting the tax overhaul that they promised voters as crucial to their strategy for the 2018 U.S. congressional elections, when all 435 seats in the House of Representatives and 33 seats in the 100-member Senate will be up for election. Democrats have been united against the bill, calling it a handout to corporations and the rich that would drive up the federal deficit. In an early sign of progress on reconciling the House and Senate versions, Senator Orrin Hatch, chairman of the tax-writing Finance Committee, said he did not think that the final bill would retain a corporate alternative minimum tax (AMT). The House bill calls for a repeal of the corporate AMT, which is designed to limit the ability of corporations to reduce their payments through tax breaks and credits. Corporate AMT repeal is not part of the Senate version. Getting rid of the corporate AMT would be popular with many businesses and would also be a concession toward the House bill. But repeal would also require lawmakers to replace the $40 billion in revenues that retaining the corporate AMT would raise over a decade. Increasing the corporate income tax target from 20 percent is seen as one way to pay for the AMT repeal and other potential changes. “I’ll keep it at 20 if I can, but there’s a drive to get it to 22. They want more money, that’s why,” Hatch told reporters. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: senate votes pursue tax bill negotiations housewashington reuters senate republicans agreed talks house representatives sweeping tax legislation wednesday amid early signs lawmakers could bridge differences agree final bill ahead deadline the senate voted along party lines democrats opposed begin formal conference negotiations reconcile rival house senate tax bills passed last week the move follows similar house action week brings congress step closer sending president donald trump tax overhaul sign law house senate negotiators need work differences issues ranging business taxes repeal obamacare mandate americans obtain health insurance face penalty lawmakers pass final version but john corbyn no senate republican said optimistic house senate tax negotiators would able work agreement within next two weeks given similarities house senate bills i think obvious targets need focus attention obviously rewriting bills corbyn said republican negotiators must careful agree changes could diminish support senate afford lose support two party members there major tax overhaul since republican ronald reagan president while significant differences house senate bills would cut corporate tax rate percent percent provide tax relief enterprises including small businesses earnings taxed individual rates benefit wealthiest americans reduce tax burden taxpayers republicans claim legislation spur enough economic growth pay tax cuts new revenue nonpartisan joint committee taxation estimates senate bill would still add trillion federal budget deficit decade even economic using stock prices rallied growing optimism tax legislation become law but wednesday head sovereign credit ratings s p global told reuters rising deficit loser fiscal policy could prompt negative action credit ratings unless washington addressed budgetary issues if tax reform approved seems certain increase federal budget deficit merit dreamer s p sovereign global chief rating officer said interview a meaningful relaxation fiscal policy without countervailing measures address fiscal challenges could lead negative rating senate republicans later voted democratic motion instructing tax negotiators produce bill passage tax bill would provide badly needed legislative victory trump republicans failure earlier year enact legislation repealing president barack obama signature healthcare law trump republican allies see enacting tax overhaul promised voters crucial strategy congressional elections seats house representatives seats senate election democrats united bill calling handout corporations rich would drive federal deficit in early sign progress reconciling house senate versions senator train hatch chairman finance committee said think final bill would retain corporate alternative minimum tax amt the house bill calls repeal corporate amt designed limit ability corporations reduce payments tax breaks credits corporate amt repeal part senate version getting rid corporate amt would popular many businesses would also concession toward house bill but repeal would also require lawmakers replace billion revenues retaining corporate amt would raise decade increasing corporate income tax target percent seen one way pay amt repeal potential changes i keep i drive get they want money hatch told reporters politicsnews