Sen. Toomey: Republicans Lack The Political Will To Reduce Spending

PHILADELPHIA (CBS) - Senate reached agreement on key elements of separate tax bills recently passed by the House on Wednesday. Final legislation of a tax reform bill will be voted on early next week. The plan includes tax cuts for corporations, middle and low-income families, as well as repealing the penalty that's currently in place if people do not buy into Obamacare. What the plan lacks is a reduction in spending. Sen. Pat Toomey from Pennsylvania tells "The Chris Stigall Show" on Talk Radio 1210 WPHT, that those discussions have taken place.

"The sad reality is that at this stage right now, we don't have the political will to make the structural changes to cut the spending as needed," Toomey said. "But the good news is we've designed tax reform. It's much more than just a tax cut. This is a complete restructuring of the business side of our tax code. It's going to encourage so much investment, so much growth, that I am very confident that it will generate enough additional economic growth, from which added federal revenue will leave us with a smaller deficit not a larger one."

Toomey adds, "Do we still need to get our big spending programs under control? Absolutely. I think we're going to pass this bill. To do that we'll need to hold at least 50 of the 52 Republican senators and I think we're going do that. And we're going to have to get 218 Republicans in the House and I think we're going to do that. So, all is not lost."