Joe Biden

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

In the State of the Union, the president pitched elements of his stalled “Build Back Better” program as a means to temper the surge in prices that’s costing him support.

President Joe Biden said the U.S. will impose sanctions on Russia that will hamper its ability to do business in foreign currencies as President Vladimir Putin’s decision to invade Ukraine sparked the worst security crisis in Europe since World War II.

The House speaker cast doubt on a drive by progressive Democrats to get some version of President Biden’s agenda through Congress by March 1.

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

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.

In a statement, the president expressed confidence that the measure would eventually pass and urged patience as negotiations continue.

The president described the passage of the bill a direct response to voters who handed his party defeats in state elections last week.

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.

A new round of haggling started, as they worked to fill in details and deal with last-minute attempts to restore priorities that had been left out.

Potential new provisions could create a seismic shift in tax.

Some House lawmakers raised doubts about the terms of the deal and whether differences could be resolved in the next few days.

Hikes in the top tax rates are off the table, although a “billionaire’s tax” on unrealized capital gains is under discussion.

There is increased momentum for an income tax on $1 billion or more in annual income, or three consecutive years of $100 million or more in income.

President Joe Biden’s acknowledgement that he doesn’t have sufficient Senate Democratic backing for his proposed increase in the U.S. corporate tax rate gives fresh impetus to efforts by negotiators to find alternative revenue sources for a sweeping social-spending bill.

Democratic negotiators have been working to address opposition from Senator Kyrsten Sinema, an Arizona moderate, to boosting rates.

The Democratic Senator said there’s little chance that Congress can complete work on President Biden’s economic agenda by the end of the month.

The president has warned progressives that they will have to temper expectations for the final legislation.