OKLAHOMA CITY - In Washington, all eyes are on tax reform.
This week, the U.S. House of Representatives and the U.S. Senate will meet to create a compromise.
Sen. James Lankford, from Oklahoma, voted in favor of the Senate's version of the Tax Cuts and Jobs Act, which passed the Senate with a vote of 51 to 49.
"Our economy is stuck, and it's one of the biggest issues that we face right now. Our economy for the last 10 years has grown a very, very small amount. In fact, it's an amount we haven't seen since World War II. So there is a need to get the economy going again. If the economy is stuck, that means wages stay low, that means there's fewer jobs created, that means there's fewer people being hired, so we need to do something," Lankford told News 4.
Lankford says the bill that was passed in the Senate lowers taxes on individuals and businesses.
Economists with the Congressional Budget Office say the measure is expected to add more than $1.4 trillion to the national deficit. The Joint Committee on Taxation also states that the gross domestic product would increase by only .8% over 10 years as a result of the tax legislation. That is well short of the 3 to 5% GDP growth predicted by some.
"I have been very, very focused on deficit and debt so that means that I've spent more time going through and 'how do we make sure this does not add deficit and debt?" Lankford said.
Lankford says that while some economists think the measure will add to the debt, some economists believe that the bill will actually help grow the economy, which will in turn lower the deficit. He told News 4 that he spent a lot of time going through various reports to find out what the bill will actually do to the economy.
Lankford says it lowers the tax rates for individuals and businesses, and it also doubles the standard deductions.