Senate and House negotiators reached a deal Wednesday to compromise on the differences between their tax bills, Senate Finance Committee Chairman Orrin Hatch said.
The Utah senator announced that a deal had been struck hours before the conference committee tasked with hammering out the joint bill was set to meet for its first and only public meeting.
Details of the deal were not immediately available. Negotiators had to work out differences between the Senate- and House-passed bills on tax provisions for non-corporate businesses, international taxation, repealing Obamacare’s individual mandate and much more.
Conference committee Chairman Rep. Kevin Brady of Texas said Wednesday morning that his goal was to produce a conference report by the end of the week, so that both chambers could vote on final passage next week.
“I would hope that we’re debating that bill by Monday and voting on it early next week,” said Sen. Roy Blunt, R-Miss.
What is next for the GOP is to turn the agreement in principle into a detailed proposal and obtain a score of its budgetary effects.
Leadership also needs to begin counting votes in the Senate, where Republicans have just a two-vote majority.
Tennessee Sen. Bob Corker, the lone Republican to vote against the tax bill in the Senate, told reporters that nothing had been added to the bill in conference to address his objection to the measure, which is that it could add too much to the federal debt.
Other key lawmakers withheld judgment Wednesday afternoon. Sen. Susan Collins of Maine, a centrist thought to be a potential swing vote, said she would wait until the final conference report before making a decision.
Sen. Ron Johnson, who withheld his vote until being promised bigger tax breaks for “pass-through” businesses that file through the individual side of the code, said he would be satisfied with one reported change to the bill, a smaller break for such business but a lower top individual tax rate.
