The U.S. Republican Party is close to reaching a tax reduction plan, focusing on the debt ceiling agreement

According to foreign media reports, Republican leaders in both the Senate and House of Representatives have indicated that they are close to reaching an agreement on a plan to extend Trump's 2017 tax cuts and raise the debt ceiling. Congress hopes to approve an economic plan before the end of May. Speaker of the House Johnson said to reporters after a meeting at the Treasury Department on Tuesday: "I don't want to get ahead of what the Senate is going to do. But it sounds like our differences won't be too far apart, which is a good thing, so we will be able to take action." Johnson pointed out that the Senate is "turning" towards supporting raising the debt ceiling as part of legislation. Senate Majority Leader Thune stated he believes consensus around plans for raising debt limit “is forming”, this issue has been a key sticking point between both houses for weeks now. Earlier this month, The House passed a plan requiring raising debt limit as part of tax legislation but acceptance from senate Republicans was slow coming. Including provisions about debt ceiling in tax bill puts pressure on Republicans demanding them pass legislation before federal debt limit is breached.