Steven T. Dennis

The Committee for a Responsible Federal Budget estimated much of the cost would come from extending the 2017 tax cuts for individuals and small business owners.

The mood in markets and the financial situation are starkly different from 2017, when Trump and congressional Republicans passed a deficit-expanding tax cut.

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.

The GOP defeated Banking Chairman Sherrod Brown in Ohio, fended off an unexpectedly tough challenge to Nebraska' Deb Fischer and picked up the open Senate seat in West Virginia.

The expiration next year of the 2017 tax law puts trillions of dollars in tax provisions in play.

The senator dismissed concerns from budget watchdogs that it could increase the deficit by $250 billion or even more over a decade.

The prospect of a fresh round of tax cuts next year is helping Donald Trump woo Wall Street donors but threatens to add trillions of dollars to the national debt.

The Club for Growth Foundation says its tax cut plan — and a corresponding push for deregulation — are aimed at bolstering U.S. manufacturing.

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.