Erik Wasson

Senate Majority Leader Chuck Schumer vowed the Senate won't vote on the House bill and instead will produce a broader emergency package without cuts to the IRS.

Johnson's plan pays for Israel aid by cutting President Joe Biden's signature Inflation Reduction Act, calling for a $14.3 billion reduction in funding for the IRS.

House conservatives proposed raising the retirement age to collect Social Security, handing Democrats damaging political ammunition ahead of the 2024 election.

A series of tentative compromises were worked out on spending caps, the defense budget and IRS funding.

McCarthy has told Biden that he did not intend to retreat from public refusals to accept additional taxes as part of an agreement.

Republicans rejected a Democratic proposal that would seek to raise revenue by altering a dozen tax provisions.

Members of the House Freedom Caucus are demanding an end to student loan forgiveness, the elimination of the $80 billion expansion of the IRS, and more.

Among the items on the cutting-room floor are a deal on corporate tax breaks, including the expensing of research and development spending.

On taxes, the fate of research and development and private equity tax breaks remain mired in a dispute over expanding the child tax credit.

For businesses, the return of Republicans to control of the House takes the possibility of corporate tax increases favored by Democrats off the table.