The Biden administration is warning state and local governments about drastic cuts to Medicaid, food stamps, disaster relief and other federal programs if Congress fails to raise or suspend the debt ceiling soon.
The U.S. economy is poised for a strong recovery from the coronavirus pandemic, but faces fresh risks from a widespread labor shortage and rising infections among the unvaccinated, according to a survey of American CFOs.
Millions of parents across the U.S. can expect to receive some extra cash this week, when the IRS will start distributing payments from the newly expanded child tax credit.
The Biden administration defended its plan to increase funding for the IRS by nearly $80 billion, arguing in a memo to congressional Democrats the additional money could help the agency crack down on wealthy tax dodgers and recover billions in lost revenue.
Senate Minority Leader Mitch McConnell rejected a request by Treasury Secretary Janet Yellen for Republicans to join Democrats and raise or suspend the debt ceiling before the federal government runs out of cash to pay its bills in October.
Wealthy Americans living in New York, New Jersey and California could face one of the steepest tax rates in decades if the legislation released Monday by House Democrats becomes law.
President Biden on Wednesday met with some of the top business leaders in the country, including the CEOs of Microsoft, Walt Disney and Walgreens, days after the White House announced strict vaccination rules for millions of workers as the highly contagious delta variant surges.
Rep. Alexandria Ocasio-Cortez said this week she will introduce new legislation to reinstate unemployment benefits for millions of Americans after Congress allowed three federal programs put in place during the early days of the coronavirus pandemic to expire last week.
President Biden is slated to meet separately with Sens. Joe Manchin and Krysten Sinema on Wednesday as he looks to sway two of Democrats' biggest holdouts on the party's sprawling tax and spending plan.