Good afternoon and welcome. The meeting of the tax conference committee is scheduled to get underway in about a half hour, so stay tuned here for updates and video.

President Trump had lunch a little while ago with some of the committee members, and said he’d back a corporate tax rate of 21%.

The deal reportedly emerging would set the corporate rate at 21%, down from the current 35% but up from the 20% that’s been passed by both houses of Congress.

“We haven’t set that final figure yet, but certainly 21 [percent] is…a very great difference,” Trump said, according to Reuters.

We’ll watch U.S. stocks while the conferees debate. The Dow DJIA and S&P SPX 500 are both up today, apparently not spooked by the prospect of a slimmer Republican majority in the Senate following last night’s victory by Democrat Doug Jones in Alabama.

When it comes to taxes, Jones’s victory probably doesn’t matter. Both the House and Senate could vote on a final tax bill next week — before the Democrat takes his seat.

There’s still the question of whether Republicans will have the votes for whatever the conference committee produces. A few wildcards:

–Arizona Sen. Jeff Flake says he’s “still looking” at bill.

–Tennessee’s Sen. Bob Corker is undecided.

–Sen. Susan Collins of Maine still wants assurances on health care in the bill.

Republicans can afford to lose only two votes in the Senate.