Speaker Johnson: Tax, Spending Package to Be Unveiled This Weekend

Congressional Republicans' tax and spending package will be announced this weekend, U.S. House Speaker Mike Johnson said Friday.

"Probably not today," Johnson said of an announcement. "We got a few more things to work on today and tomorrow, but we're planning for a mark up on probably Tuesday."

Johnson and other Republicans met with President Donald Trump for five hours on Thursday, but did not emerge with an agreement on how to extend his sweeping tax cuts.

Republicans, who hold narrow majorities in the House of Representatives and Senate, have spent weeks trying to agree on a plan to cover the cost of extending the tax cuts - which nonpartisan analysts say could add another $4 trillion to the U.S.'s existing $36 trillion in debt over the next decade.

"BALANCED BUDGET!" Trump wrote on his Truth Social platform. That would require lawmakers to close a deficit that hit $1.9 trillion in the most recent fiscal year, equal to 6.6% of GDP.