House and Senate negotiators have reached a deal on a tax plan, moving the GOP one step closer to its goal of passing a sweeping tax overhaul this year, Senate Finance Committee Chairman Orrin Hatch said Wednesday.
The two chambers hope to pass a joint plan and send it to President Donald Trump's desk before Christmas. Republican leaders have scrambled to push through major tax changes and earn a legislative win ahead of next year's midterm elections.
"I think we have a deal," Hatch, a Utah Republican, told reporters without going into more detail about what it would include. He said he believes Republicans have the votes to pass it.
A White House source separately confirmed to CNBC that a tax deal is in place. Republicans aim to vote first in the Senate, then the House and pass it next week.
"We're very, very close to a historic legislative victory the likes of which rarely this country has ever seen," Trump told reporters at a lunch with Republican members of the conference committee negotiating the bill. He added that the GOP is "very close" to voting.