Erik Wasson

Businesses eager for a tax deal announced by two powerful U.S. lawmakers can't yet bank on the corporate breaks.

Negotiators are nearing a bipartisan deal in time for many voters to receive the benefits during the current election year.

The deal includes speeding up $10 billion in cuts to the Internal Revenue Service.

The debt ceiling agreement included a side deal that would allow $70 billion in accounting moves to spare agencies most cuts, though $20 billion in cuts to IRS funds may be accelerated.

Businesses eager to see Congress revive expired research and investment tax breaks have reason for optimism that a deal could come together as soon as this month.

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.