Speaker Mike Johnson (R-La.) and Treasury Department Secretary Scott Bessent said negotiations over the state and local tax (SALT) deduction cap are “very, very close” to a conclusion, a positive sign for Republicans as they race to put the finishing touches on their sprawling tax cuts and spending package.

Johnson and Bessent met with GOP senators during their lunch Friday to pitch them on the framework they agreed to with a handful of moderate House Republicans from high-tax blue states. Sen. Kevin Cramer (R-N.D.), who was at the gathering, said the proposal would make the SALT deduction cap $40,000 for five years, then $10,000 for the following........

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