Republicans Reach Final Deal On Tax Bill; Trump Praises Compromise Plan

CHICAGO (CBS) -- House and Senate Republicans announced Wednesday that they have reached an agreement, in principle, on a consensus tax bill.

Leaders are still ironing out the details, but expect to unveil the full compromise bill this week. It will likely drop the corporate tax rate from 35 percent to 21 percent, and cut the top individual tax rate to 37 percent.

The bill also preserves some deductions for state and local taxes.

President Donald Trump praised the compromise, saying, "I'm excited to announce that if Congress sends me a bill before Christmas, the IRS, this is just out, this is breaking news, the IRS has just confirmed that Americans will see lower taxes and bigger paychecks beginning in February -- just two short months away. OK? We just got that -- just got that."

Trump said Democrats like his tax bill, but aren't supporting it for purely political reasons. "They like it a lot. And they can't say it," he said in a speech at the White House. Democrats say the bill will only benefit the rich and increase the deficit.

A vote could happen by next week.