President Donald Trump said Tuesday that he hopes tax reform can be accomplished by year-end.

"I want the House to pass a bill by Thanksgiving. I want all of the people standing by my side when we get ready to sign by Christmas — hopefully before Christmas," he said at a hastily scheduled press availability.

When asked if he was looking into phasing in corporate tax rate reductions, Trump responded, "We're not looking for that, hopefully not."

The president made his remarks after meeting with business leaders including the U.S. Chamber of Commerce, the National Association of Manufacturers and the Business Roundtable.

House Republicans are expected to release a draft their long-anticipated tax bill Wednesday.

Trump is scheduled to depart for a trip to several countries in Asia on Friday. While the president is overseas, some White House officials will stay behind to work on the tax overhaul effort, including Treasury Secretary Steve Mnuchin and top economic advisor Gary Cohn.

— The Associated Press contributed to this report.