will hold a joint news conference. their remarks will be a prelude to the president who will talk taxes next hour in a speech in indianapolis. just last hour at the white house, the president responded to criticism that the plan only benefits the wealthy. my plan is for the working people, and my plan is for jobs. no, i don t benefit. i don t benefit. in fact in fact, very, very strongly as you see, i think there s very little benefit for people of wealth. we got an advance look at the gop s nine page plan. it slashes corporate taxes, stream lines tax brackets and axes the estate tax. republicans hope it will deliver their party a badly needed victory. how imperative is it to get something done now? it s the difference between succeeding as a party and
democratic senators who come from swing states. joe dawnally from indiana, he s on the plane today to get on the president with this plan. i think that tells you there is a different atmosphere here around this issue than there was about health care. we just had a graphic up that showed this tax cut gets rid of the estate tax, and we re going to get to that in just a moment. before that i want to hint on the other thing casey was just talking about, which was the president going to indianapolis and going with joe donnelly, a democratic. why is the president going there? why indianapolis? there will be kind of a mix of things that bring it home to indiana. in talking about joe donnelly, he is a first term democratic senator from his very red state. they believe a vote from
on capitol hill now ryan it does not look good for the gop bill. reporter: that s right, jim. mccain announcement today doesn t kill the graham cassidy plan out ride but puts it on serious life support. if you ve been paying attention how he s been handling the debate. his decision today should not be a surprise. tonight they are fading fast. senator john mccain one of the swing votes announced he would not support the graham cassidy plan. a huge set back that need 50 votes to pass the bill by september 30. in a statement released friday afternoon mccain said i cannot in good conscious vote for the graham cassidy proposal. i believe we can do better today, republicans and democrats, and have not yet really tried. mccain has been upset with the health care reform process from the beginning. he for shadowed today s move in
under estimating the fight ahead? we have got as usual a team of reporters and analysts covering every angle of this story. nbc s kelly o donald is live from indianapolis, and heidi prez bella is a white house reporter with usa today and animist nbc political analyst. casey let me start with you. what exactly is in this plan? well, katie this is basically the starting line for these negotiations. the corporate tax rate would be set at 20%. he wanted 15%, but that proved to be unattainable up here on capitol hill. that tax rate would be lowered to 5%. there s a host of other things in this plan as well. of course, this is a whole sale rewrite simplification of the tax code that s going to be incredibly complicated and take