New York Times: “For years, Republican lawmakers lamented the soaring national debt, pressing for spending cuts and clinging to the mantle of fiscal responsibility. But last week, Senate Republicans hammered out a deal to allow for as much as $1.5 trillion in tax cuts, betting that supercharged growth will make up for lost revenue, a potentially dubious prospect.”

“This month, the majority of Republicans in the House and the Senate voted to raise the debt limit without doing anything to rein in spending.”

“Republican lawmakers are pushing to increase military spending by tens of billions of dollars, topping even Mr. Trump’s request for a beefed-up military… And as Congress mulls large tax cuts, the tabs for Hurricanes Harvey, Irma and Maria keep rising.”

Associated Press: How do you pay for an estimated $5.8 trillion tax cut?

“On Monday, there were some tense moments for Republicans at both ends of Pennsylvania Avenue, as word got out Trump wasn’t thrilled with the framework,” sources tell Jonathan Swan.

“Trump wanted to propose an even lower corporate rate. It’s The Art of the Deal: Don’t open the bidding with the number you ultimately want — 20% (the figure announced yesterday), down from 35%. Open with an extreme bid and work back. Trump wanted to propose 15%.”

“Trump was also attuned to the political risks of raising the bottom rate from 10% to 12%, while cutting the top individual rate. (That would shift the pitch to a zero rate with the doubling of the standard deduction, and leave room for a higher top rate. Yesterday’s plan could drop the top rate for individuals to 35% from 39.6%.)”

“On Monday, Republicans on the Hill were genuinely uneasy, and thought there was a chance POTUS wouldn’t sign off.”

Playbook: “If Congress can’t squeeze through a big tax reform package this year, there’s already talk among some about passing a smaller package of tax cuts before the end of 2017, with the promise of trying to complete a larger reform effort in 2018. This would be a way for Republicans to say they gave the tax relief they promised. With health care reform far off, tax is the ball game for Republicans as they head into the 2018 election. There is optimism — some would call it exuberance — that Republicans will be able to get a large-scale tax package through in the 36 legislative days before the year’s up.”

For members: Why Tax Reform Isn’t Going Anywhere