Congress

Democrats aim to raise $400 billion in new revenue over the next decade by beefing up the Internal Revenue Service and cracking down on rich tax evaders, a plan that hinges on a revived fear of audits among the wealthy.

Sen. Joe Manchin, D-W.Va., accused progressive Democrats of holding the bipartisan infrastructure bill “hostage” in a scathing statement on Monday, adding that he would not support the broad spending bill they favor without a thorough review of how its policies would impact the U.S. economy.

Most American voters are skeptical about the impact of two spending packages that congressional Democrats are aiming to pass before the end of the year, despite fervent negotiations that have consumed Capitol Hill for months.

Wealthy investors are increasingly concerned about the possibility of impending tax increases as congressional Democrats barrel ahead with a plan to substantially raise rates on well-off corporations and rich Americans.

Rep. Alexandria Ocasio-Cortez reiterated her call for President Biden to cancel student debt on Friday after moderate Democrats, including Sen. Joe Manchin of West Virginia, forced significant cuts to programs favored by progressives in the “Build Back Better Act.”

Tax experts are raising concerns about the sprawling social spending plan that President Biden outlined on Thursday, urging the White House to release additional details about the nearly $2 trillion package and the tax increases on the wealthy and well-off corporations that will finance it.

FOX Business' Stuart Varney discusses division among the Democrat Party.

House progressives made clear they won't budge on their demand for the reconciliation bill to pass at the same time as the bipartisan infrastructure bill, but they are willing to back a massively scaled-down version of reconciliation.

Rep. Claudia Tenney, R-N.Y., on the new version of the spending bill.

House Speaker Nancy Pelosi struck an optimistic tone after she was forced to delay a planned vote on the bipartisan infrastructure bill on Thursday night, asserting in a letter to colleagues that most progressive lawmakers who opposed her timeline are still committed to backing the legislation.

The Congressional Progressive Caucus endorsed the framework agreement for President Biden’s social spending bill on Thursday, even as they reiterated a warning that they would not back the Senate’s bipartisan infrastructure bill unless a final version of the “Build Back Better” package is brought up for a vote at the same time.

President Biden on Thursday outlined a slew of new taxes on corporations and the ultra-wealthy in order to pay for the bulk of his signature economic spending plan – but a new analysis suggests the rate increases could generate $500 million less than the White House estimated.

Millions of families have been receiving monthly CTC payments since the American Rescue Plan Act was passed earlier this year, and many have been relying on this money to pay for basic necessities, a new study found.