Trump’s news conference, in three minutes

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Today’s Hill Action
Senate Floor Schedule
10:00 am: Convene and proceed to executive session to consider the nomination of David Joel Trachtenberg, of Virginia, to be Principal Deputy Under Secretary of Defense.

Committee Hearings
Banking, Housing, and Urban Affairs
10:00am – SD-538

Health, Education, Labor, and Pensions
10:00am – SD-430

Judiciary
10:00am – SD-226

Intelligence
2:30pm – SH-216

House Floor Schedule
None.

Committee Hearings
No committee hearings scheduled.
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Trump promises action on drug prices

President Trump on Monday attacked prescription drug companies and hinted at taking action to bring down rising drug prices.

“We are going to get prescription drug prices way down because the world is taking advantage of us,” Trump said during a wide-ranging press conference.

He noted the same drug sold outside the U.S. sometimes costs a fraction of what it does in the U.S.

“The same exact pill from the same company, same box, same everything, is a tiny fraction of what it costs in the United States,” Trump said.

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Trump, McConnell: Republican tax plan could bleed into next year

President Donald Trump on Monday raised the possibility that Republicans may fall short of their goal of rewriting the tax code by the end of this year.

“I would like to see it be done this year,” he told reporters. “But don’t forget it took years for the Reagan administration to get taxes done — I’ve been here for nine months.”

“We could have a long way to go but that’s OK,” he added.

Senate Majority Leader Mitch McConnell, appearing alongside Trump at a White House news conference, also tamped down the bullish timeline laid out by some administration officials and congressional leaders.

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Estate tax repeal faces obstacles

Republicans have a chance in tax reform to do something that they’ve dreamed of for decades: repeal the estate tax.

But they face some headwinds.

Repealing the estate tax is estimated to cost $279 billion over a decade, contributing to the cost of a GOP plan that could add $1.5 trillion to the federal debt. The benefits from ending the tax would also largely flow to the United States’ wealthiest families and businesses, while President Trump is framing tax reform as a “middle-class miracle.”

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