A White House veto threat appears to have put on ice a congressional effort to permanently renew a handful of generous tax breaks for businesses and individuals. Officials say that the plan, brewing behind closed doors on Capitol Hill, favored corporations over the working class.
The unusual veto threat came before the parameters of a potential agreement were even revealed.
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Speculation on Capitol Hill on Tuesday focused on a potential agreement to permanently enact tax breaks on business investments in new equipment and research and development, part of a plan that would renew dozens of expired tax breaks for businesses and individuals.
The White House immediately threatened a veto, saying Congress should also make permanent more generous tax credits for the working poor and people with children.