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Republicans may be committed to getting tax reform done, but Pimco's head of public policy, Libby Cantrill, warned on Monday that getting reform enacted is "difficult."
In fact, it took President Ronald Reagan three years to get his tax reform through, she told CNBC.
"At the end of the day, if we see any action on tax it will likely be tax reform light. Some components of tax reform but for all intents and purposes more of a tax cut," Cantrill said in an interview with "Power Lunch."
What's more, "it probably won't significantly impact economic growth in 2018," she added.
President Donald Trump came into office promising sweeping tax reform, but specifics are still lacking. At an event on Monday, Treasury Secretary Steve Mnuchin reiterated that the administration is "100 percent committed" to getting it done.
Republican lawmakers have also insisted they will make it a priority, even though they are facing deadlines to increase the debt ceiling and pass a budget in September.
Mark Zandi, chief economist at Moody's Analytics, said those two events — the debt ceiling and budget — are what's really crucial to the economy right now.
If all lawmakers do is "fund the government, raise the debt limit, we're good at least for the foreseeable future. Tax reform is great. It would be a big plus long run but we don't absolutely, positively need it," he told "Power Lunch."
Senate Majority Leader Mitch McConnell insisted Monday that the U.S. government will raise the debt ceiling and avoid defaulting on its debt.
— CNBC's Jacob Pramuk contributed to this report.
WATCH: Tax reform a big deal 10 years from now, not short-term: Moody's Marc Zandi