The Toomey idea is that you cut tax deductions to raise revenue, but then you give away all the revenue as lower top rates, instead of using the money to reduce the deficit.
This is the only context in which the Republicans will consider eliminating tax deductions, so there’s been a bipartisan consensus around this as the way forward.
But now Chuck Schumer is calling bullshit, correctly pointing out that the Republicans only want to talk about lowering top rates, and are totally silent on what specific deductions they would eliminate. Politics being politics, what’s likely to happen is that the popular tax cuts pass and the unpopular deduction cuts don’t.
It’s a trap, and Democrats shouldn’t fall for it.