GOP Confident Tax Overhaul Gets Done Next Week

The transcript discusses the status of a tax deal, with sources indicating it will be completed soon despite some holdouts. The health of Senator McCain is a concern, as his absence could affect Republican votes. Key issues in the tax plan include tax cuts for the rich and the elimination of state and local tax deductions, with public opinion largely against the plan. However, momentum seems to favor its passage.

What did the sources say about the likelihood of the tax deal being completed?

What are the potential consequences of eliminating the state and local tax deduction?