CNBC’s Jim Cramer questioned Friday whether Republicans would be able to pass their tax overhaul bill this year — or if concerns from within the party about the legislation would cause them to fall short, like in their attempt to repeal Obamacare.
Cramer spoke just hours before GOP leaders on Capitol Hill were expected to finalize their compromise tax measure. But there were still some holdout and undecided lawmakers ahead of next week’s planned vote.
Tax writers were working to adjust the bill to appease Florida Republican Sen. Marco Rubio, who said he would vote “no,” unless the measure’s proposed refundability to taxpayers of the child tax credit is expanded. Sen. Mike Lee, R-Utah, undecided on the bill, also wants to expand the child credit. Maine Republican Sen. Susan Collins has been noncommittal on the bill, while Sen. Bob Corker, R-Tenn., has expressed concerns about expanding the federal deficit.
“We should not rule out the fact that this may not be a done deal,” Cramer said on “Squawk on the Street.”
Cramer also asked whether it “could be an ACA,” referring to the acronym for the formal name of Obamacare, the Affordable Care Act. Earlier this year, Republicans were unable to follow through on their yearslong promise to repeal former President Barack Obama‘s signature health bill.
“Do you think it just suddenly falls apart?” Cramer asked. “Most people felt that ACA was going to pass.”
Stocks fell Thursday on concerns about the tax bill. But on Friday, equities were higher as investors awaited the release of the final tax bill that Republicans hope to pas and send to President Donald Trump next week.
“It’s very interesting that the market went down [Thursday], the Dow went down 70 points on worries about Rubio, maybe something else, maybe some other senators,” said Cramer, host of CNBC’s “Mad Money.” “Now, there really is great uncertainty and the market’s going right back up.”
“The uncertainty right now is higher than when the market dropped,” he said.
Cramer worries the GOP tax bill will 'fall apart' like the Obamacare repeal