Top Senate Republicans are signaling they are on the verge of locking down a deal on tax reform.

Sen. John Cornyn John CornynThe Hill's Campaign Report: GOP set to ask SCOTUS to limit mail-in voting Liberal super PAC launches ads targeting vulnerable GOP senators over SCOTUS fight Senate GOP faces pivotal moment on pick for Supreme Court MORE (R-Texas) told reporters that negotiators working to merge the House and Senate bills are still ironing out the details but are “getting closer” to an agreement.

He suggested it was possible the sides could reach a verbal commitment as early as Tuesday.

ADVERTISEMENT

“I think it could, and I hope it is,” said Cornyn, one of the Senate negotiators.

Other key members of the House and Senate were slightly less optimistic, though they said a deal could be finished by the end of the week.

Sen. John Thune John Randolph ThuneSenate GOP sees early Supreme Court vote as political booster shot Romney backs pre-election Supreme Court vote, paving way for McConnell, Trump Senate GOP faces pivotal moment on pick for Supreme Court MORE (R-S.D.) said it was "possible" negotiators could reach an agreement on Tuesday, but noted they are still working.

"It would be nice to be done today. That might be a little bit ambitious but probably possible," he said.

Asked why he thought it was possible that negotiators could reach a deal as soon as Tuesday, he noted that they need to "move" if they want to pass the tax bill next week.

House Ways and Means Committee Chairman Kevin Brady Kevin Patrick BradyBusinesses, states pass on Trump payroll tax deferral Trump order on drug prices faces long road to finish line On The Money: US deficit hits trillion amid pandemic | McConnell: Chance for relief deal 'doesn't look that good' | House employees won't have payroll taxes deferred MORE (R-Texas) told reporters lawmakers are “on track” to reach a deal in writing by Friday, according to Bloomberg.

The first public meeting of the conference committee won’t even take place until Wednesday, but GOP lawmakers have been talking behind the scenes.

The final deal will be worked out with Republicans, with Democrats who voted unanimously against the bill in the House and Senate basically bystanders.

The centerpiece of both the House and Senate bills is a reduction in the corporate tax rate from 35 percent to 20 percent.

Many Republicans want to keep the 20 percent rate, but they have faced pressure to raise it to pay for other provisions, including more generous reductions for local and state taxes and property taxes.

People living in high-tax states where real estate is expensive would right now be among the biggest losers from the legislation, as both bills would eliminate deductions for state and local taxes and reduce the property tax deduction to $10,000.

The change would disproportionately affect people in blue states such as California, New Jersey and New York, though some districts that would be hit are represented by GOP lawmakers.

Cornyn declined to say which way negotiators are heading on the corporate rate but said he hopes to be able move the tax bill to the floor next week.

“We're working very hard and we hope to have an agreement with the House soon. We've got work to do here to work with the parliamentarian,” he told reporters. “[But] we are making good progress.”

Republicans want to get a final tax bill to President Trump Donald John TrumpOmar fires back at Trump over rally remarks: 'This is my country' Pelosi: Trump hurrying to fill SCOTUS seat so he can repeal ObamaCare Trump mocks Biden appearance, mask use ahead of first debate MORE’s desk by the end of the year.

They have a tight schedule to getting legislation passed, with another government funding deadline looming on Dec. 22.

--This report was updated at 1:27 p.m.