Sen. Ted Cruz: Tax reform may not happen until early next year
Posted by Jacob Pramuk on 13th October 2017

This post was originally published on CNBC NEWS

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Sen. Ted Cruz expects tax reform to get done “late this year or early next year” — not sticking to the hard 2017 deadline set out by top Republicans.

On Friday, the Republican from Texas said it will take “at least a couple months” to iron out a plan and differences within the party.

“I do think virtually every Republican wants to get to yes” on overhauling the tax system, Cruz told CNBC’s “Squawk Box.”

President Donald Trump, top White House officials and House Speaker Paul Ryan have all set a target of this year to approve a tax bill. On Thursday, Ryan said he would keep the House in session through Christmas this year in order to pass a tax plan.

Late last month, Republicans released a framework for the tax planthey hope to pass this year. It calls for major reductions in household and corporate income tax rates and a doubling of the standard deduction.

This is breaking news. Please check back for updates.