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  • Congress
  • Economy
  • Budget
(J. Scott Applewhite / Associated Press)

As they await the unveiling of the Senate GOP tax plan Thursday, Republicans on the House Ways and Means Committee were scrambling to revise their own bill after changes made this week pushed its cost over the limit needed to pass it through the Senate on a simple majority vote. 

The committee was expected to approve the House bill later Thursday on a party line vote after making additional changes.

An amendment approved Monday and offered by Rep. Kevin Brady (R-Texas), the panel’s chairman, gutted a complicated excise tax for foreign transactions of multinational companies that was in the original bill. 

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House Majority Leader Kevin McCarthy (R-Bakersfield), left, joined by House Speaker Paul D. Ryan (R-Wis.), speaks about the Republican tax plan at a news conference on Capitol Hill on Tuesday. (J. Scott Applewhite / Associated Press)
House Majority Leader Kevin McCarthy (R-Bakersfield), left, joined by House Speaker Paul D. Ryan (R-Wis.), speaks about the Republican tax plan at a news conference on Capitol Hill on Tuesday. (J. Scott Applewhite / Associated Press)

House Speaker Paul D. Ryan opened the door Wednesday to delaying the implementation of a new 20% corporate tax rate — the cornerstone of President Trump’s plan — amid worries that the GOP proposal will exceed its target of adding no more than $1.5 trillion to the deficit.

Postponing the tax cut for a year or two would diverge from Trump’s insistence that corporate rate reductions be made immediately. But Senate Republicans floated the idea this week as they frantically search for ways to pay for the corporate tax cuts and still provide relief to middle-income households.

Senators plan to introduce their bill Thursday. Sen. David Perdue (R-Ga.) said one revenue-raiser that will probably be included is a full repeal of all state and local tax deductions, including property taxes, a big blow to many residents in California and other high-tax states.

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President Trump and Chinese President Xi Jinping.
President Trump and Chinese President Xi Jinping. (Alex Brandon / Associated Press)

President Trump stood next to Chinese President Xi Jinping and said the Chinese had taken advantage of America to build a trade imbalance that is not sustainable.

“I don’t blame China," Trump said. "Who can blame a country for being able to take advantage of another country for the benefit of its citizens? I give China great credit.”

Instead, Trump blamed past American presidents.

Chinese President Xi Jinping and President Donald Trump.
Chinese President Xi Jinping and President Donald Trump. (Nicolas Asfouri / AFP/Getty Images)

Chinese President Xi Jinping hailed a "new starting point" for the U.S.-China relationship while President Trump declared that “we have a capacity to solve world problems for many, many years to come” on Thursday, as the two men held their first official business meeting after a raft of ceremonies.

Xi, who comes into the meetings flush with new authority in his country, was more detached in his comments than Trump, who spoke in personal terms about a terrific initial meeting Wednesday night and a dinner that went longer than expected because the men were having such a great time.

Trump's language, putting the U.S. and China on near-equal footing, could play to Xi's favor. The Chinese president is eager to assert China as a dominant world power rivaling America.

  • White House
President Trump talks to opera performers Wednesday in the Forbidden City.
President Trump talks to opera performers Wednesday in the Forbidden City. (Jim Watson / AFP/Getty Images)

President Trump began his first full day in China on Thursday with an elaborate welcome ceremony ahead of a series of talks with Chinese leader Xi Jinping.

Trump's meetings with Xi begin as Chinese police hold three UCLA students accused of shoplifting in a hotel in Hangzhou.

Trump began his day at the Great Hall of the People, an imposing government building that sits by Tiananmen Square. Normally brisk Beijing traffic was halted as the American president's motorcade made its way from the St. Regis Hotel for the short journey. The tourists that normally pack the square were also missing.

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  • White House
  • Congress
  • Taxes
House Ways and Means Committee Chairman Kevin Brady (R-Texas)
House Ways and Means Committee Chairman Kevin Brady (R-Texas) (Michael Reynolds / EPA/Shutterstock)

As they prepare to unveil their own sweeping tax plan, Senate Republicans are revisiting key provisions of the House GOP proposal, including possibly eliminating property tax deductions as well as state income tax deductions, increasing the size of child-care credits, offering more help to small businesses and having corporate tax cuts phase in or expire, according to those familiar with the negotiations.

The final outline of the Senate plan, scheduled to be released Thursday, remained a work in progress, officials cautioned.

"Everything is on the table,” one Republican official who did not want to be identified discussing the talks said Tuesday evening.

  • White House
  • Congress
  • Taxes

The federal deficit would grow by $1.7 trillion under the House Republican tax plan, according to a nonpartisan analysis released Wednesday, raising fresh concerns for passage because budget rules in the Senate don't allow for so much red ink.

The assessment from the Congressional Budget Office comes as Republicans are muscling the bill for a vote in the House as soon as next week.

House GOP officials had no immediate comment.

(AFP / Getty Images)

The Trump administration announced new rules Wednesday to make it tougher for U.S. businesses to work in Cuba and for Americans to travel to the island.

The restrictions are aimed at finally enacting what Trump in June described as plans to reverse the Obama-era diplomatic opening with the communist-ruled island.

Effective Thursday, businesses will be required to obey a new set of regulations that are "intended to steer economic activity away from the Cuban military, intelligence and security services," a senior White House official said, speaking on condition of anonymity to brief reporters.

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It’s the election America just can’t quit.

One year later, much of the country continues to obsess over Trump vs. Clinton, as though still seated on the couch, eyes agoggle, watching the final decisive returns trickle in from Pennsylvania and Wisconsin.

This is not normal.

Gov.-elect Ralph Northam, right, and Lt. Gov.-elect Justin Fairfax greet supporters at a Democratic election night rally in Fairfax, Va.
Gov.-elect Ralph Northam, right, and Lt. Gov.-elect Justin Fairfax greet supporters at a Democratic election night rally in Fairfax, Va. (Win McNamee / Getty Images)

Democrat Ralph Northam swept to victory in the race for Virginia governor on Tuesday in a night of political retaliation against President Trump that also saw a Democratic gubernatorial win in New Jersey.

Northam’s victory sketched out a path that Democratic strategists hope other candidates can follow in next year’s contest for control of Congress.

He piled up big margins in the suburbs of northern Virginia, the most populous and voter-rich area of the state, where animosity toward the president runs deep. At the same time, Northam, the lieutenant governor, also fared better than many Democrats have in more rural areas, preventing the Republican candidate, Ed Gillespie, from running up the score in the southern and western areas of the state, where Trump trounced Hillary Clinton one year ago.