AP sources: House, Senate leaders reach deal on tax package

WASHINGTON (AP) — House and Senate GOP leaders forged an agreement today on a sweeping overhaul of the nation's tax laws, paving the way for final votes next week to slash taxes for businesses, give many Americans modest cuts and deliver the first major legislative accomplishment to President Donald Trump.

Top GOP aides said lawmakers had reached an agreement in principle on the final package. They spoke on condition of anonymity because they were not authorized to talk publicly about private negotiations.

One congressional aide said the deal was contingent on whether late changes to the bill still complied with budget rules adopted by both the House and the Senate. Lawmakers were waiting to hear back from analysts at the nonpartisan Joint Committee on Taxation.

The final House-Senate compromise is on track to be unveiled this week, the aides said.

Asked if there is a deal in principle on the tax cuts, Sen. Orrin Hatch, R-Utah, said, "It's more than that. I think we've got a pretty good deal."

The No. 2 Republican in the Senate, Sen. John Cornyn of Texas, said leaders were briefing senators on the plan with a vote planned for early next week. Republicans have a slim 52-48 majority in the Senate so they can only afford to lose two votes. The initial Senate package passed by a vote of 51-49.

The measure would give Trump his first major victory in Congress. It fulfills a longstanding goal by top Republicans such as House Speaker Paul Ryan, R-Wis., to rewrite the loophole-cluttered tax code.

As Trump met with lawmakers at the White House, he said they were getting "very, very close to an historic legislative victory."

The measure has come under assault by Democrats who say it is unfairly tilted in favor of business and the wealthy.

Top Senate Democrat Chuck Schumer said GOP leaders should pump the brakes on taxes and delay a final vote until Sen.-elect Doug Jones, D-Ala., is sworn in.