tax overhaul

Updated 5 pm April 3, 2017 to include the proposed Upton amendment.

The House may yet pass its bill to repeal and replace parts of the Affordable Care Act. But Republicans' options to fulfill their seven-year effort to undo the federal health law are getting narrower by the day.

"As of now, they still don't have the votes," said Rep. Pete King (R-N.Y.) as he was leaving a meeting of GOP members Tuesday. King has been heavily lobbied by both sides.

Updated at 4:12 p.m. ET

The Trump administration Wednesday put forth a proposal that it labeled a "massive" tax overhaul, which would give big tax cuts to individuals and corporations and reduce the number of tax brackets and deductions.

Updated 9:45 a.m. ET

The White House is banging the drums that President Trump is doing something big again ahead of his 100th day in office — unveiling a tax "plan."

"This is going to be the biggest tax cut and the largest tax reform in the history of our country," Trump's Treasury Secretary Steve Mnuchin said at a panel Wednesday morning.

President Trump's campaign rallies were defined by three slogans, three syllables each, which the candidate led the crowd in chanting: "Build the wall," condemning illegal immigration; "Lock her up," attacking Democratic rival Hillary Clinton; and "Drain the swamp," all about cleaning up Washington.

If you filed for an extension on your taxes this week, you're right in step with the Trump administration and Republicans in Congress. They've put off voting on their promised tax overhaul until after they take another whack at repealing and replacing Obamacare.

That's got some Republicans concerned, including Stephen Moore, who was an economic adviser to the Trump campaign.

"You know, you've got a period when you're first elected where you've got to rush and get things done before that window slams shut," Moore says.