No one has any idea how to pay for that, one analyst says.
Predictions a day before the midterm elections still favored Republicans regaining control of the Senate as well as picking up seats in the House, but political watchers are questioning the likelihood that a tax extenders package will pass in the lame-duck session and are looking to the impending debt limit deadline.
Washington Analysis reiterated in its Friday commentary Republicans' 65% chance of regaining the Senate this year, with "virtually zero chance that they [the GOP] will lose seats in either chamber." Instead, the GOP is expected to gain five to 10 seats in the House as well.
Koskinen urged members of Congress to act swiftly in passing tax extenders that expired in 2013 in order to prevent disruptions in the 2015 tax filing season.
On the fiscal policy front, Washington Analysis opined Friday that Republicans' No. 1 goal will be to enact tax reform. However, "the odds start out well below 50% that they are successful, but this one is worth keeping an eye on for potential breakthroughs," noted analyst Joe Lieber.
— Check out Washington Watchers See Big Retirement Push in 2015 on ThinkAdvisor.