The Note: Trump-era elections were a jolt to both parties. Will they wake up?
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WATCH: ABC News' Jonathan Karl reports from Beijing where Trump and Xi held a summit.

The TAKE with Rick Klein

Rejecting what President Donald Trump stands for is not the same as rejecting what he wants to do.

Yes, Democrats remade the electorate, and they did it the old-fashioned way. They scored wins in culture wars and drawing energy they hadn't yet harnessed in the age of Trump.

But the point of it all is policy. As the focus turns back there, Republicans are viewing the results as a wake-up call – with a donor class eager to offer lawmakers a jolt.

"We've got to get our job done," House Speaker Paul Ryan said in responding to the GOP setbacks of Tuesday night.

The policy fight over taxes now becomes even bigger than it was before. Election Day 2017 presented mixed takeaways for a Republican Party taking uneasy cues from a president who has displayed little loyalty either to ideology or the people running in his party.

Democrats will now view the tax fight as a chance to extend a political winning streak. Republicans see delivering on a priority as more urgent than ever – even if their rank-and-file has fresh reason to fear what it means to be in the party in the age of Trump.

The RUNDOWN with MaryAlice Parks

The House tax reform bill costs too much.

That is to say, right in its current form it would not fly under budget rules set up in the Senate. The Congressional Budget Office announced Wednesday the bill would increase the federal deficit by $1.7 trillion dollars over the next decade, roughly $200 billion over what the Senate budget bill had allotted for.

Heeding the president's call, some Republicans are floating the idea of including an amendment to the bill that would repeal of the requirement that everyone have health insurance. They asked the CBO to look into that again, and voila, it turns out scrapping the mandate saves the government about $300 billion. So, in theory they could tack it on, get the number down, avoid headlines about how the House sent the Senate a bill they knew could not work over there and gut Obamacare while they're at it.

The downside, Republicans learned over the summer that health care is complicated and that one addition to the tax bill could bring a whole host of other political risks. Plus, while the House Ways and Means Committee Chair says he wants to get the total cost down, is finagling with numbers worth it when the Senate is writing its own bill anyway?

The Senate Finance Committee says they plan to release language Thursday. Speaking to reporters Wednesday, Senate Majority Leader Mitch McConnell said he did not have "any comment at all" about the House proposal.

"We're going to let them work their way through the process. And, as I indicated, the Senate proposal will be out there for all of you to look at."

The TIP with Benjamin Siegel

House Majority Whip Steve Scalise challenged Rep. Sam Johnson to a race around the Capitol Rotunda Wednesday morning on their motor scooters.

Scalise – who lost the race to Johnson – has been using a Louisiana State University-themed scooter to get around the Capitol since returning to work in September, after he was shot at a Republican congressional baseball game practice in June.

Check out the video: https://twitter.com/SteveScalise/status/928366572342738952

WHAT YOU NEED TO KNOW TODAY:

  • President Trump held a bilateral meeting and delivered a joint statement to the press with Chinese President Xi Jinping. Trump and first lady Melania Trump attended a state dinner and viewed a cultural performance in Beijing.
  • President Trump and the first lady wrapped up their two-day trip to China and will head to Da Nang, Vietnam.
  • Senate Majority Leader Mitch McConnell has said the Senate will release its version of the House tax reform plan today. The Senate Finance Committee is slated to mark-up the bill next week.
  • Vice President Mike Pence visits Plainfield, Ind. with Secretary of Labor Alexander Acosta to discuss tax reform with local business leaders and families.
  • The U.S. district court in Washington will hold a preliminary hearing on Mustafa al-Imam, a Libyan national charged with participating in the 2012 Benghazi attack.
  • Senator Rand Paul's attacker, Rene Boucher appears in court in Bowling Green, Ky.
  • Attorney General Rod Rosenstein delivers remarks on cyber crime and regulatory reform at the BWI Business Partnership breakfast Thursday.
  • U.S. Capitol Police Chief Matthew Verderosa presents the USCP Medal of Honor to five officers who risked their lives to save congressmen during the Republican Congressional baseball team's practice in June.
  • Top military, foreign-policy and intelligence leaders will discuss global security and America at Defense One Summit in Washington beginning at 8:30 a.m. ET. http://abcn.ws/2znTqNK
  • President Trump wrapped up a five country trip through Asia after 12 days where he met foreign leaders and delivered a speech at the APEC CEO Summit in Da Nang, Vietnam.

    President Donald Tr... Photo Credit: Manan Vatsyayana/EPA
    President Donald Trump is flanked by Prime Minister Shinzo Abe of Japan, left, and Prime Minister Malcolm Turnbull of Australia as they pose for photographers during the Association of Southeast Asian Nations s... Photo Credit: Doug Mills/The New York Times via Redux
    (L-R) Russian Prime Minister Dmitry Medvedev, Vietnam's Prime Minister Nguyen Xuan Phuc, President Donald Trump, Philippine President Rodrigo Duterte and Australia Prime Minister Malcolm Turnbull join hands for... Photo Credit: Jim Watson/AFP via Getty Images
    Philippine President Rodrigo Duterte (C) stands as his partner Honeylet Avancena (R) toasts President Donald Trump during a special gala celebration dinner for the Association of Southeast Asian Nations (ASEAN)... Photo Credit: Jim Watson/AFP/Getty Images
    President Donald Trump, left, shakes hands with Philippines President Rodrigo Duterte at an ASEAN Summit dinner at the SMX Convention Center, Nov. 12, 2017, in Manila, Philippines. Photo Credit: Andrew Harnik/AP
    President Donald Trump, accompanied by Vietnam's President Tran Dai Quang, observe national anthems during a welcoming ceremony at the Presidential Palace in Hanoi, Vietnam, Nov. 12, 2017.

    Photo Credit: Luong Thai Linh/AFP/Getty Images

    President Donald Trump and Vietnam's President Tran Dai Quang (2nd R) stand for the U.S. national anthem at the top of a state banquet in Trump's honor at the International Convention Center in Hanoi, Vietnam, ... Photo Credit: Jonathan Ernst/Reuters
    Vietnamese President Tran Dai Quang (R) and President Donald Trump attend a state dinner in Hanoi, Vietnam, Nov. 11, 2017.

    Photo Credit: Jim Watson/AFP/Getty Images

    President Donald Trump and Russia's President Vladimir Putin talk as Vietnam's President Tran Dai Quan, right, looks on during the family photo session at the APEC Summit in Da Nang, Vietnam, Nov. 11, 2017. Photo Credit: Jorge Silva/Pool Photo via AP
    Leaders of the APEC forum pose for a group photo during this year's Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Da Nang, Vietnam, Nov. 11, 2017. Photo Credit: Yonhap/EPA
    President Donald Trump (7th R, front) poses for a family photo before a gala dinner hosted by Vietnamese President Tran Dai Quang (8th L, front) and his wife Nguyen Thi Hien (8th R, front), for leaders, delegat... Photo Credit: Li Tao/Xinhua/Polaris
    President Donald Trump is welcomed by Vietnam's President Tran Dai Quang and his wife Nguyen Thi Hien for the gala dinner of the Asia-Pacific Economic Cooperation (APEC) Summit in Da Nang, Vietnam, Nov. 10, 201... Photo Credit: VNA/Handout via Reuters
    President Donald Trump speaks on the final day of the APEC CEO Summit, part of the broader Asia-Pacific Economic Cooperation (APEC) leaders' summit, in Da Nang, Vietnam, Nov. 10, 2017.

    Photo Credit: Jim Watson/AFP/Getty Images

    President Donald Trump signs a proclamation in commemoration of the 50th anniversary of the Vietnam War during a meet and greet with veterans in Da Nang, Vietnam, Nov. 10, 2017.

    Photo Credit: Jim Watson/AFP/Getty Images

    President Donald Trump arrives at Da Nang International Airport, Nov. 10, 2017, in Da Nang, Vietnam. Photo Credit: Andrew Harnik/AP
    First lady Melania Trump poses for a group photo with pupils during her visit to the giant panda enclosure at the Beijing Zoo in China, Nov. 10, 2017. Photo Credit: Xinhua/Polaris
    President Donald Trump (2nd R) gestures toward China's President Xi Jinping (3rd L), as first lady Melania Trump (C) and Xi's wife Peng Liyuan (R) look on, at the Great Hall of the People in Beijing, Nov. 9, 20... Photo Credit: Jim Watson/AFP/Getty Images
    President Donald Trump shakes hands with a performer at the Forbidden City in Beijing, Nov. 8, 2017. Photo Credit: Jonathan Ernst/Reuters
    President Donald Trump, second left, First Lady Melania Trump, Chinese President Xi Jinping, and his wife Peng Liyuan, stand together as they tour the Forbidden City, Nov. 8, 2017, in Beijing. Photo Credit: Andrew Harnik/AP
    China's President Xi Jinping and President Donald Trump attend a welcome ceremony at the Great Hall of the People, in Beijing, on Nov. 9, 2017.

    Photo Credit: Nicolas Asfouri/AFP/Getty Images

    Chinese President Xi Jinping holds a grand ceremony to welcome President Donald Trump at the square outside the east gate of the Great Hall of the People in Beijing, capital of China, Nov. 9, 2017. Photo Credit: Rao Aimin/Xinhua/Newscom
    President Donald Trump and First Lady Melania arrive on Air Force One in Beijing, Nov. 8, 2017. Photo Credit: China Daily/Reuters
    President Donald Trump speaks at the South Korean National Assembly, Nov. 8, 2017 in Seoul, South Korea. Photo Credit: Chung Sung-Jun/Getty Images
    President Donald Trump speaks at the South Korean National Assembly in Seoul, South Korea, Nov. 8, 2017. Photo Credit: Jonathan Ernst/Reuters
    President Donald Trump burns incense at the National Cemetery in Seoul, South Korea, Nov. 8, 2017. Photo Credit: Kim Hong-Ji/Pool Photo via AP
    First Lady Melania Trump looks at a present given to her by her South Korean counterpart Kim Jung-sook, after receiving it from their countries' children at the presidential Blue House in Seoul, South Korea, No... Photo Credit: Ahn Young-joon/AP
    South Korean President Moon Jae-In (R) and President Donald Trump (L) walk towards a guard of honor during a welcoming ceremony at the presidential Blue House, Nov. 7, 2017 in Seoul, South Korea. Photo Credit: Chung Sung-Jun/Getty Images
    Anti-Trump activists shout slogans during a protest against a visit by President Donald Trump in Gwanghwamun square, in central Seoul, South Korea, Nov. 7, 2017.

    Photo Credit: Ed Jones/AFP/Getty Images

    Supporters of President Donald Trump hold a giant U.S. flag as they wait for Trump's convoy to pass through the Gwanghwamun area of central Seoul, South Korea, Nov. 7, 2017.

    Photo Credit: Ed Jones/AFP/Getty Images

    In this handout picture released by Japan's Cabinet Public Relations Office via Jiji Press, President Donald Trump gestures to Japanese Prime Minister Shinzo Abe while playing golf with Japanese professional go... Photo Credit: Handout/AFP/Getty Images
    President Donald Trump (C) and First Lady Melania meet abductees and families of abductees by North Korea with Japanese Prime Minister Shinzo Abe and Abe's wife Akie, Nov. 6, 2017, in Tokyo. Photo Credit: Kimimasa Mayama/AFP/Getty Images
    First lady Melania Trump and Japanese Prime Minister Shinzo Abe's wife Akie show off calligraphy they wrote as they attend a calligraphy class of the 4th grader at Kyobashi Tsukiji Elementary School, Nov. 6, 20... Photo Credit: Shizuo Kambayashi/AP
    President Donald Trump, second left, salutes as Shinzo Abe, Japan's prime minister, gestures while walking past an honor guard at Akasaka Palace in Tokyo, Japan, Nov. 6, 2017. Photo Credit: Kiyoshi Ota/Reuters
    President Donald Trump overturns a container of food for Koi fish as Japan Prime Minister Shinzo Abe and Secretary of State Rex Tillerson watch during a stop at a Koi pond during a visit to the Akasaka Palace, ... Photo Credit: Andrew Harnik/AP
    President Donald Trump and first lady Melania Trump are escorted by Japan's Emperor Akihito and Empress Michiko at the Imperial Palace in Tokyo, Nov. 6, 2017. Photo Credit: Issei Kato/Pool Photo via AP
    President Donald Trump delivers remarks to U.S. and Japanese business leaders at the U.S. ambassador's residence in Tokyo, Nov. 6, 2017. He also commented on the mass shooting that took place in a church in Sut... Photo Credit: Jonathan Ernst/Reuters
    U.S. troops cheer as President Donald Trump (not pictured) arrives to speak during an event with U.S. military personnel at Yokota Air Base in Tokyo, Nov. 5, 2017.

    Photo Credit: Jim Watson/AFP/Getty Images

    President Donald Trump prepares to address U.S. soldiers as his wife Melania looks on upon arriving at U.S. Yokota Air Base in Tokyo, Nov. 5, 2017.

    Photo Credit: Jim Watson/AFP/Getty Images

    First lady Melania Trump and her Japanese counterpart Akie Abe, second from left, smile during their visit to Mikimoto Ginza Main Store, Japan's pearl jewelry maker, at Ginza shopping district in Tokyo, Nov. 5,... Photo Credit: Katsumi Kasahara/Pool Photo via AP
    President Donald Trump, left, and Japanese Prime Minister Shinzo Abe pose after they signed hats reading 'Donald and Shinzo, Make Alliance Even Greater' at the Kasumigaseki Country Club in Kawagoe, near Tokyo, ... Photo Credit: Franck Robichon/AFP/Getty Images
    President Donald Trump and first lady Melania Trump walk through an honor cordon as they arrive at Yokota Air Base at Fussa in Tokyo, Nov. 5, 2017.

    Photo Credit: Jim Watson/AFP/Getty Images

    President Donald Trump and first lady Melania Trump lay a wreath at the USS Arizona Memorial in Pearl Harbor, Hawaii, Nov. 3, 2017.

    Trump begins a five country trip through Asia traveling t... Photo Credit: Andrew Harnik/AP
    President Donald Trump, center right, and first lady Melania Trump, center left, accompanied by Command Commander Adm. Harry Harris, left, and his wife Bruni Bradley, throw flower petals while visiting the Pear... Photo Credit: Andrew Harnik/AP
    President Donald Trump greets servicemen after arriving aboard Air Force One, Nov. 3, 2017 at Joint Base Pearl Harbor-Hickam in Hawaii. Photo Credit: Jamm Aquino/The Star-Advertiser via AP
    A video screen touts President Donald Trump's visit to Asia in the lobby where he was received with a red carpet for his briefing at United States Pacific Command headquarters in Aiea, Hawaii, Nov. 3, 2017. Photo Credit: Jonathan Ernst/Reuters

    QUOTE OF THE DAY

    "Congratulations to all of the "DEPLORABLES" and the millions of people who gave us a MASSIVE (304-227) Electoral College landslide victory!" -- President Donald Trump on Twitter Thursday, the one-year anniversary he was elected president.

    NEED TO READ

  • House GOP tax plan would add $1.7 trillion to deficit: CBO. The plan adds $1.4 trillion to the deficit, but that figure goes up to $1.7 trillion with interest, according to the CBO, which put the review together in response to a request for information from Rep. Richard Neal, D-Mass., the top Democrat on the House Ways and Means Committee. (Benjamin Siegel) http://abcn.ws/2yiGdBO
  • Trump: 'I don't blame China' for US-China trade imbalances. President Donald Trump has long decried the trade imbalances between the United States and China, even going so far as a presidential candidate to say it amounted to economic "rape." But as he complained about those inequities on Chinese turf on Thursday, the president offered a surprising qualifier: "I don't blame China." (Jordyn Phelps) http://abcn.ws/2hfFjiD
  • Trump sees 'great chemistry' with Xi as key to North Korea, trade balance. President Donald Trump expressed optimism after a meeting Thursday morning with Chinese President Xi Jingping that warm personal ties with the leader of a country he's frequently disparaged will translate to progress on North Korea and trade. "Our meeting this morning was excellent discussing North Korea," Trump said. (Devin Dwyer) http://abcn.ws/2zunyX6
  • Presidents Donald Trump and Vladimir Putin will likely meet, Kremlin reportedly says. The Kremlin has reportedly said that Russian President Vladimir Putin will most likely meet with President Donald Trump at an economic summit in Vietnam later this week, and that both sides are discussing the timing. (Patrick Reevell) http://abcn.ws/2hkjMcl
  • 'Powerhouse Politics' podcast: Steyer claims Democratic establishment sweeping Trump offenses 'under the rug.' Billionaire activist Tom Steyer won’t call it a litmus test. But he says Democrats in Congress and those running for office should pay attention to his petition advocating President Donald Trump’s impeachment. http://abcn.ws/2zuSx5x
  • ANALYSIS: A year after election, Trump's shockwaves still reverberate. The year after Donald Trump's victory has demonstrated that the election did not merely expose the nation's divisions - it exacerbated them. (Rick Klein) http://abcn.ws/2jd7tPn
  • ANALYSIS: Issues, Trump drove voters to Democrats but will those voters bounce back? A surge in liberals and minority voters changed the makeup of the electorate compared to a year ago, and white women, especially those with a college degree, swung away from this White House. (MaryAlice Parks) http://abcn.ws/2zsqh3q
  • 10 big political moments since Trump's election. A year after Donald Trump won the presidential election in one of the biggest political upsets in modern U.S. history, he and his team have struggled to advance key parts of their legislative agenda. (Meghan Keneally) http://abcn.ws/2hedLds
  • On 1-year anniversary of election defeat, Clinton says 'we are on the right track.' Hillary Clinton on Wednesday said the country is on the right track when it comes to rejecting Republican ideologies. "I think the fever is finally breaking," Clinton said in an interview on "Late Night with Seth Meyers." (Karma Allen) http://abcn.ws/2zsRRxA
  • FEMA offers to airlift Hurricane Maria victims in Puerto Rico to US mainland. Nearly two months after Hurricane Maria pummeled Puerto Rico, approximately 3,000 people are still in shelters on the island. Now, FEMA is offering to airlift these Hurricane Maria victims from Puerto Rico to the United States to reach temporary housing. (Rex Sakamoto) http://abcn.ws/2AvNgbK
  • Democratic wins in Virginia mean trouble for 2018, say Republicans. Republicans looking ahead to the 2018 midterms are reevaluating their political playbooks after Democrats trounced Republicans up and down the ballot in Virginia Tuesday night. (Meridith McGraw and Benjamin Siegel) http://abcn.ws/2AlK2XB
  • New efforts emerge on Capitol Hill to tackle gun control. Democrats announced Wednesday the Assault Weapons Ban of 2017, which would ban the sale, transfer, manufacture and importation of military-style assault weapons and high-capacity ammo magazines. (Mariam Khan) http://abcn.ws/2hgbi22
  • Pence addresses prayer vigil in Texas town devastated by shooting: 'Faith is stronger than evil.' Vice President Mike Pence stepped into the role of consoler-in-chief on Wednesday with a visit to Sutherland Springs, Texas. (Jordyn Phelps) http://abcn.ws/2hmnbaK
  • TSA fails most tests in latest undercover operation at US airports. In recent undercover tests of multiple airport security checkpoints by the Department of Homeland Security, inspectors said screeners, their equipment or their procedures failed more than half of the time, according to a source familiar with the classified report. (David Kerley and Jeffrey Cook) http://abcn.ws/2AoalfA
  • New Cuba policy will restrict travel for Americans. Starting Thursday, U.S. tourists and companies will no longer be able to do business with a long list of entities that allegedly have ties to Cuban military, intelligence or security services. (Conor Finnegan) http://abcn.ws/2znTqNK
  • Controversy erupts over alleged push to spin off CNN in media mega-merger. Amid antitrust concerns over a potential merger between AT&T and Time Warner, a controversy has erupted over whether AT&T would have to sell off CNN to sidestep those concerns. According to U.S. Department of Justice officials, AT&T offered just days ago to divest from CNN and later sell the news network. But the chairman and CEO of AT&T suggested otherwise. (Mike Levine) http://abcn.ws/2zqhyiq
  • WSJ: Look inside the DeVos family office. Disclosures filed by Betsy DeVos since her nomination as U.S. education secretary a year ago provide a rare look into one family office and into one of America's greatest fortunes. http://on.wsj.com/2j9OdSX
  • Politico: Tee Times, smoothie diets, and fat paychecks: A look inside Post-Trump life. Politico reports on the current lives of former Trump administrators like Steve Bannon, Reince Priebus and Sean Spicer. http://politi.co/2yfR3II
  • The Note is a daily ABC News feature that highlights the key political moments of the day ahead. Please check back tomorrow for the latest.