The Trump administration Wednesday formally endorsed House GOP lawmakers' "tax reform 2.0" package — and the Office of Management and Budget said the president would sign it, The Hill reported.

"These bills advance the administration's goals of growing the economy, reforming the tax code, and providing tax relief to small businesses and middle-income families," OMB said in a statement, The Hill reported.

House lawmakers are expected to vote on the three bills that comprise the package this week, but it is not clear if the Senate will take it up, The Hill reported.

According to The Hill, the main bill would make permanent the tax cuts for individuals contained in the legislation President Donald Trump signed into law in December. They are currently set to expire after 2025.

The other two bills are designed to boost savings for retirement and other purposes and to incentivize business innovation.

But The Hill reported the Senate is unlikely to pass the bill making individual tax cuts permanent because 60 votes would be needed, and Republicans have only 51 seats in the chamber.

Democrats have argued making the tax cuts permanent would mostly benefit the rich and add to the national debt.

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