The stalemate on Capitol Hill over whether to increase the $14.2 trillion U.S. debt limit isn't affecting the debate over how to overhaul the tax code, said Representative Dave Camp, a Michigan Republican.

Despite the debate over the debt limit, I am encouraged about the bipartisanship and progress that has been made in the area of tax reform," the House Ways and Means Committee Chairman said today in a speech at the U.S. Chamber of Commerce in Washington. "We will need to see more of it to see it across the finish line."

His comments were made two weeks after Representative Sander Levin of Michigan, the top Democrat on Camp's committee, said the panel's progress could be "washed away" if Congress fails to raise the debt limit by Aug. 2.

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