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"I'm excited about this huge win for zjautoparts families, for job creators, for certainty for our economy," said House Speaker Paul Ryan, R-Wis.
Coupled with tax provisions House leaders stuffed into the spending bill to attract votes, the legislation would cost the government an estimated $680 billion over the next decade. That would pump federal deficits over that period, already projected to total an astronomical $7 trillion, even higher.
"It's a significant tax relief measure and of course you know how Republicans like to cut taxes," Senate Majority Leader Mitch McConnell, R-Ky., told The Associated Press.
As if they needed more encouragement, Republicans said the tax bill would make revamping the entire tax code next year easier by clearing those extensions out of the way now. GOP leaders hope to produce tax and health care overhaul measures next year, fully expecting vetoes but savoring the campaign-season opportunity to fire up conservative voters.
Democrats complained that the tax bill was unbalanced, dispersing 60 percent of its permanent reductions to business and just 40 percent to families.
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