Billy House
ReporterBilly House is a reporter with Bloomberg.
Billy House is a reporter with Bloomberg.
Fiscal conservatives in the party want steep spending cuts to help offset the multitrillion-dollar tax-cut package.
Republican leaders say they are closer to a plan to extend the 2017 tax cuts and increase the debt ceiling.
GOP congressional leaders didn't negotiate with Democrats on the President Donald Trump-backed funding measure, which runs through Sept. 30.
House Speaker Mike Johnson, aided by a flurry of last-minute phone calls Trump had with wavering Republicans, overcame resistance from fiscal conservatives.
Treasury Secretary Scott Bessent and congressional leaders will begin meeting weekly as Republicans look to shape a tax cut package with a year-end deadline.
The proposal aims to smooth the passage of Trump's top legislative priorities.
President Donald Trump outlined his tax priorities in a meeting with Republican lawmakers, including expanding the state and local tax deduction.
When Elon Musk's team gained access to the computer network where data of nearly every American is stored, it caused alarm across the country.
The ambitious agenda includes extending Trump's signature tax cuts and enabling more oil and gas production.
Trump has expressed interest in reviewing options for adjusting the cap on the state and local tax deduction but is not currently advocating for a specific fix.
Republicans broadly agree that there's little room for error on what is a rare opportunity for the GOP to update the Tax Code without having to make any concessions to Democrats.
Republicans represent congressional districts with 19 of 25 major automaker battery and EV assembly plants in operation or under construction.
The expiration next year of the 2017 tax law puts trillions of dollars in tax provisions in play.
The House Freedom Caucus suggested Congress pay for emergency aid to Israel by repealing the IRS expansion, among other possibilities.
The measure now heads to the Senate where lackluster Republican support threatens to sink it.
Speaker Mike Johnson will allow a vote on a $78 billion business and child tax break bill, siding with corporations over a group of Republicans who objected to the package negotiated with Senate Democrats.
A growing divide is emerging between Republicans and the business interests the GOP once unflinchingly championed.
The dollar figures in the report come from two years of records obtained by Democrats after a protracted court battle with Trump's former accounting firm.
The latest indictment against the president's son accuses him of avoiding taxes while living lavishly, including withdrawing $1.66 million in cash over a four-year period.
A series of tentative compromises were worked out on spending caps, the defense budget and IRS funding.