(Updates market action, adds background)
NEW YORK, Oct 24 (Reuters) - The dollar was little changed on Tuesday against a basket of currencies as a report of support from Republican Senators for John Taylor as Federal Reserve chief offset diminished hopes for a passage of a major tax cut.
Less optimism for a tax overhaul came following a CNBC report, citing an aide of Senate leader Mitch McConnell, that three GOP Senators may not back the Republican tax bill.
The outlook for a tax bill grew dimmer after Republican Senator Jeff Flake, a critic of President Donald Trump, said he would not seek re-election in 2018. This stoked worries among traders of even less support for a tax plan, analysts said.
At 3:58 p.m. (1958 GMT), the gauge that tracks the greenback against a group of six currencies was little changed on the day at 93.945, recovering from an earlier low of 93.682. (Reporting by Richard Leong; Editing by Diane Craft and Chris Reese)