Senate, House to begin negotiating tax bill

Significant differences remain between the House and Senate versions of the tax bill, including how soon to cut the corporate tax rate and whether to repeal the Obamacare individual mandate.
1:50 | 12/04/17

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Transcript for Senate, House to begin negotiating tax bill
Meanwhile, president trump is one step closer to a big victory. He and his fellow Republicans are celebrating the senate passing that sweeping tax reform bill. Now it goes to the house and stakes are high here. Let's go to our senior congressional correspondent Mary Bruce. Reporter: That vote was a big victory for the senate but this isn't over yet. Democrats this morning are still fuming over the way this vote went down. They say it was rushed through. That there werillegible scribbles in the margin and didn't have time to read it. This represents the biggest change to the nation's tax code in 30 years and includes some big tax cuts, but analysts say most of the long-term benefits will go to the wealthy and now Republicans have to work out the significant differences between the house and the senate versions like how soon to cut the corporate tax rate, whether or not to include a repeal of the Obamacare individual mandate and differences over breaks for small businesses and there are still big questions about how they'll pay for all of this. The senate version of the bill is projected to add $1 trillion to the debt. Now, Republicans insist this bill will pay for itself through economic growth but economists overwhelmingly disagree saying the deaf fit is likely to take a big hit. There is a lot of disagreement there and in the midst of it Republicans have to find a way to fund the government by Friday or there's a government shutdown. What are the chances of that? Reporter: Republicans seem to be confident that is not going to happen. Mitch Mcconnell says point blank there will not be a shutdown. Now, nothing is set in stone here. Never is but with Republicans it does seem likely they'll pass a short-term spending bill giving them more time to fight over hot button issues like immigration and children's health insurance and, of course, giving them more time to hash out tax reform and Republicans I've talked with are confident they can get this tax reform bill to the president's desk by Christmas. All right, thank you.

This transcript has been automatically generated and may not be 100% accurate.

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