Sina US Stock News Reuters reported at noon on October 19, Beijing time, that Trump's efforts to reform the US tax law will reach a critical moment on Thursday. Senate Republicans are preparing to pass a budget bill. This budget bill is extremely important to whether President Trump can pass tax reform legislation before the end of the year.

The budget bill contains a legislative process called “reconciliation,” which would allow the Republican Party to control 100 seats in the Senate by a margin of 52 to 48 to pass the Senate's tax legislation by a simple majority vote. Otherwise, passing the tax reform will require at least 60 votes, which seems difficult to achieve under the current circumstances.

Although Republican Senator Rand Paul has threatened to oppose the budget, Senate Republicans seem confident enough to get at least 50 votes, and Vice President Mike Pence may also vote yes.

After failing to pass the Obamacare reform vigorously promoted by Trump, Senate Republicans were under intense pressure, and tax reform was no longer to be lost. And this budget bill will increase the federal deficit by $1.5 trillion over the next 10 years.

If the budget passes, it will have to be coordinated with a very different resolution in the House of Representatives, which called for a relatively neutral tax bill. House Republicans said that negotiations on uniform measures may take two weeks, which will also lay the foundation for the House tax bill introduced in early November. (compile/beli4ve)