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At the end of 2025, significant tax cuts are expiring that were passed under the Trump administration through the Tax Cuts and Jobs Act (TCJA), often called the Trump tax cuts. Unless a new law is.
listen to what some of the negotiators said earlier today. i don t think things are going well. until the white house understands that they have a spending crisis, they have a tax crisis and they have a debt crisis, we re not going to be able to make this deal. we re not going to be able to move forward. the white house, the highest level, needs to understand the urgency of sending their team forward and making sure we understand we have to spend less money next year. reporter: we re not going to be able to make a deal. that doesn t sound encouraging. to your point, the clock is ticking. even though june 1st is the deadline, they really need to come up with a deal they can hammer out and turn into legislative text sooner than that. it appears they are nowhere near getting to that point. kristin, time running out. the warnings from janet yellen that this is a real deadline. we know that the markets can
going well. until the white house understands that they have a spending crisis, they have a tax crisis and they have a debt crisis, we re not going to be able to make this deal. we re not going to be able to move forward. now, graves mentioned spending. this is the crux of the problem. house republicans are demanding steep spending cuts, mccarthy made clear that any tax revenues are off the table, he made clear yesterday that any cuts to military spending are off the table. he had previously agreed that social security and medicare cuts should be off the table. that doesn t leave a whole lot of the budget. that leaves one slice, not defense discretionary spending, which is about 15% or 16%, includes things like air travel, pell grants, education, law enforcement, it is important to democrats and they don t want to simply hack away at that portion of the budget without something in return that protects their priorities. that s where things are at the moment. they have to agree on a sp