Colorado Treasurer Walker Stapleton, a candidate for governor in next year’s election, is among dozens of Republican state officials backing efforts to overhaul the nation’s tax laws, the White House announced a day before congressional Republican leaders said they’d reached a deal on the legislation.

“I applaud and support the efforts of federal lawmakers and President Trump to simplify our nation’s tax code and jump-start our economy,” Stapleton said in a statement released by the White House. “As Treasurer, I know Colorado families and small businesses will benefit from a tax plan that is simpler and our economy will thrive with a lower corporate rate. It will bring jobs and investment back to America and make us more competitive in a global economy. … This is a once in a generation opportunity to fundamentally change the structure of our complicated and burdensome tax code. I support the efforts of Congress and the President to get it done.”

In all, 25 governors – all Republicans except for one independent, Alaska Gov. Bill Walker – offered statements supporting the tax package, which President Donald Trump said he hopes to sign before the end of the year. Other Republicans were on board, including seven lieutenant governors, a handful of attorneys general and state agriculture commissioners and Nevada’s controller. Stapleton was the only state treasurer and the only Colorado official on the list endorsing the tax rewrite.

House and Senate negotiators said Wednesday they’d reached agreement on the bill, which has passed both chambers in different versions but has yet to be finalized. It would provide generous tax cuts for corporations and the wealthiest Americans. Middle- and low-income families would get smaller tax cuts, though Trump and GOP leaders have billed the package as a huge benefit for the middle class.

The measure would scrap a requirement of Barack Obama’s Affordable Care Act that most Americans get health insurance, a step toward the ultimate Republican goal of unraveling the law. Critics say that without legislation to support insurance markets, removing the mandate could lead to insurance rate hikes and threaten the stability of some health coverage markets.

“The cynical voices that opposed tax cuts grow smaller and weaker, and the American people grow stronger,” Trump said Wednesday at the White House. “This is for people of middle income, this is for companies that are going to create jobs. This is for very, very special people, the great people of America.”

Corporate tax cuts would slash rates from 35 percent to 21 percent and would be permanent, but reductions for individuals would expire after a decade – saving money to comply with Senate budget rules that allows Republicans to pass legislation with a  simple majority and avoid a filibuster. In all, the bill would cut taxes by about $1.5 trillion over the next 10 years, adding billions to the nation’s mounting debt.

Federal Reserve Chair Janet Yellen said she and her colleagues expect a “modest lift” to economic growth from the tax package. She said at a news conference the likelihood of lower taxes is why Fed officials expect the economy to grow at 2.5 percent in 2018. But growth would then slip back closer to its recent 2 percent average.

Democrats have derided the measure, saying it is unfairly tilted in favor of business and the wealthy.

Top Senate Democrat Chuck Schumer said the public doesn’t know all the details of the bill, “but they smell what’s going on and that is tax cuts for the wealthiest and no help for so many in the middle class.”

Democrats have not been included in any substantive talks on the bill, which has been been negotiated by Republican lawmakers behind closed doors.

– The Associated Press contributed to this story.