Steven T. Dennis
ReporterSteven T. Dennis is a reporter with Bloomberg News.
Steven T. Dennis is a reporter with Bloomberg News.
Among the items now stalled are a measure to extend federal banking protections to marijuana companies operating in states where the drug is legal and negotiations to restore tax breaks for business spending on research and development.
Biden's team agreed to trim $21 billion over a decade from IRS enforcement and $28 billion from prior COVID spending.
The senator fired the latest salvo in a long-running dispute with the White House over implementation of Inflation Reduction Act provisions he authored.
While McCarthy offered a customary nod to hopes of cooperation with political opponents, he concentrated on unifying Republican populists by taking aim at enemies like the IRS.
The legislation aims to prevent large corporations from exploiting tax breaks to pay little if any tax, and it would allow Medicare to negotiate drug prices for the first time.
The West Virginia senator said it wouldn’t be “prudent” to act now on climate and tax plans without seeing another month of inflation data first.
The West Virginia senator told Democratic leaders Thursday he would not support new spending on climate measures or tax increases.
Lawmakers are weighing a tax that would slap a levy on imports of carbon-intensive goods from countries with weaker climate policies.
Biden’s 10-year outlook still would rack up $14.4 trillion in deficits — most of it on autopilot — even after accounting for that $1 trillion in net deficit cuts from new policies like tax increases on the wealthy and corporations.
President Joe Biden’s plan to tax unrealized capital gains ran into opposition from key Democratic Senator Joe Manchin, likely dooming it just hours after it was sent to Congress.