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Senator Patrick Toomey said he's "optimistic" that the House and Senate will come to a consensus on tax reform and send a final bill to President Trump by Christmas.

"I think it looks pretty good," Toomey (R-Pa.) said. "We've got some work to be done yet."

Toomey said he and his colleagues from both chambers who are working on the compromise legislation have been on the phone "all weekend long" trying to get the bill up to par.

"Either way, the economy is going to respond very positively to what we're doing," he said.

Toomey also explained his support for the plan to roll back the state and local tax [SALT] deduction.

He said it is "a bad idea to force low-tax jurisdictions to subsidize people in high-tax jurisdictions."

But he said he understood why his Republican colleagues in high-tax states like New York and New Jersey have concerns for their constituents.

The SALT deduction allows residents in high-tax states to have their state tax burden somewhat eased through their federal return.

Toomey also spoke briefly about the Alabama Senate race.

Watch more above.


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