Most CFOs expect Trump's big bill to become law despite GOP turmoil
Around 86% of CFOs believe the bill will be reworked in Congress but it will eventually reach Trump's desk
President Donald Trump outside the White House. (Tasos Katopodis/Getty Images)
Most chief financial officers expect President Donald Trump's megabill to become law despite lingering GOP divisions over its scope and size, according to a new CNBC survey.
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Around 86% of CFOs believe the bill will be reworked in Congress but it will eventually reach Trump's desk. They believe the individual and business tax provisions will be ultimately extended by the time they expire on Dec. 31.
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Other findings included that a majority of CFOs, or 64%, believe Trump's tariffs will ultimately hurt the US economy.
The survey included 30 CFOs surveyed in the second quarter of this year.
Trump has leaned on GOP senators to pass the "One Big Beautiful Bill" carrying the bulk of his agenda soon so it can reach his desk by July 4. It still needs to get approved in the House. There's brewing opposition in the lower chamber about the bill adding to the national debt.
The sweeping policy package would extend the bulk of the GOP’s 2017 signature tax cuts, partly financed with steep cuts to safety net programs like Medicaid and clean energy tax credits. It would remove tax on tips and overtime pay, and increase funding for defense and border enforcement.
However, Republicans are clashing over a range of priorities. Those include the phase out of clean energy tax provisions and how deeply to cut Medicaid. Senate GOP leaders were dealt a fresh blow on Friday after a Senate official advised that a Medicaid provider tax couldn't pass using only 50 GOP votes. It was a funding source of the bill.
GOP Sen. Rand Paul of Kentucky recently called the ongoing proceedings with the Senate parliamentarian "a bloodbath" for Republicans, since many of their top priorities have been knocked out of the bill.
"Already anemic spending cuts have gotten even worse because they're being excluded from the bill," he said in a Wednesday Newsmax interview. The parliamentarian serves as the arbiter of the budget reconciliation process, a special fast-track process allowing Republicans to go around Democratic opposition.
Senate Majority Leader John Thune hinted he might be forced to delay a planned vote this week to continue haggling over the bill. “These are speed bumps along the way. We anticipated those and so we have contingency plans," he told reporters on Friday. "Obviously, you have to adjust the timing and schedule a little bit, but we're moving forward.”