House, Senate GOP reach possible tax deal

President Trump delivered a speech in the White House touting what he claims are the plan's benefits as GOP leaders rush to pass it before Christmas.
1:54 | 12/14/17

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Transcript for House, Senate GOP reach possible tax deal
latest on that tax deal that will impact every American. Republican leaders say they have an agreement pushing hard for a final vote before Christmas and Mary Bruce is tracking details on capitol hill. Good morning, Mary. Reporter: Good morning, George. Well, Republicans say they are on the verge of victory on tax reform. They've reached a deal in principle and now with the holiday just around the corner, the president is promising more money is coming to your wallet. If congress sends me a bill before Christmas, the irs, this is just out this, is breaking news, has just confirmed that Americans will see lower taxes and bigger paychecks beginning in February. Reporter: Republicans this morning are scrambling to push their tax bill over the finish line. Here are the changes they've agreed to. For the wealthiest Americans the top tax rate drops from 39% to 37%. For big business, the corporate tax rate is slashed from 35% to 21%. And the mortgage interest deduction is capped at $750,000. Are you close to a deal? So, it feels very close to an agreement. Reporter: Republicans are also overturing a key component of Obamacare doing away with the mandata all Americans have insurance but that could leave 13 million more Americans uninsured over the next decade. Republicans insist relief is coming for the middle class. The bill will likely expand the child tax credit and double the standard deduction. But critics argue the wealthy about to benefit the most. Now, as for the president's promise more money coming to your pocket soon the irs tells us Americans who are likely to benefit from the changes could see less money withheld from their paychecks starting as soon as February. George. If this passes next week. George, we go to a new wave

This transcript has been automatically generated and may not be 100% accurate.

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