Erik Wasson

His proposal includes partially rolling back the 2017 tax cuts by raising rates on upper-income Americans and corporations.

Senator Joe Manchin threw more cold water on the president's spending plans after inflation spiked to a 7.5% in January, the highest rate in four decades.

A top House Democrat suggested Thursday that his party scale back eligibility for child tax credits as a way to unlock President Joe Biden’s stalled economic agenda.

A group of Senate Democrats want the expanded monthly Child Tax Credit payment as the “centerpiece” of any revived tax and spending agenda.

The president's attempt to salvage his economic agenda has revived battles within his party over the same proposals that have bedeviled the plan for months.

The president said his $2 trillion economic agenda will have to be broken up so that a scaled-back version can pass Congress.

Progressive Democrats are increasingly resigned to a far narrower version of the economic, tax and social spending agenda they had hoped to pass.

Sen. Joe Manchin said Tuesday he’s not in talks with the White House or top Democrats on reviving President Biden’s $2 trillion tax and social spending agenda.

Senate Majority Leader Schumer is vowing to bring a revised version of the $2 trillion tax, climate and spending package to a vote as soon as this month.

The House approved one of the final key steps aimed at guaranteeing an orderly transition from the discredited benchmark.

Negotiations over the deduction hit a new snag with two key lawmakers at odds over whether the plan should raise revenue for other spending priorities.

U.S. legislation designed to protect trillions in assets from chaos when global regulators phase out the interest-rate benchmark Libor is being held up in the House.

President Joe Biden’s signature plan to expand the social safety net, address climate change and rewrite tax policies passed the House Friday morning as Speaker Nancy Pelosi united fractious Democrats to send the legislation to the Senate, where its fate remains uncertain.

The House reconvened for the vote Friday after Republican leader Kevin McCarthy delayed action with a more than eight-hour floor speech.

Despite a host of issues, they aim to vote this week on the roughly $2 trillion tax and spending bill.

Congressional Democrats floated fresh proposals on how to increase the federal deduction on state and local taxes, but House and Senate lawmakers were at odds over whether the very rich should be allowed to take the tax break.

Democrats have found new urgency to pass the roughly $1.75 trillion tax and spending plan as well as an infrastructure bill with $550 billion in new spending after being stung by a Republican sweep of statewide races in Virginia.

The move would help offset the benefits from a proposed expansion of the federal deduction of state and local taxes.

Moderates are echoing Senator Joe Manchin’s complaint about not knowing the full cost and economic impact of the Biden adminstration's plans.

The outline of the tax and spending bill provided a breakthrough after a long standoff between moderate senators and progressive Democrats.