Halperin's Take

All Senator Cornyn said was that there could be some exemptions and loopholes closed if corporate tax rates are reduced. But (1) he said this couldn’t and wouldn’t happen in the context of any debt ceiling deal — only later on; (2) he didn’t explicitly say it wouldn’t be revenue neutral (which, obviously, makes a big difference); (3) he’s a Senator, not a House member, so the real rub isn’t implicated, even if there was some door opening in his remarks. There’s going to have to be a July break through on new revenue, but this wasn’t it.