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Last Updated: Thursday, October 1, 2026 at 06:04 PM
Category: News

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Latest News Today provides comprehensive coverage and analysis of breaking news stories. This article is part of our ongoing coverage of congress bracing tax cut showdown flna909778, bringing you verified information from trusted sources with added context and expert perspective.

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Congress: Bracing for tax-cut showdown

AP: "The Senate is bracing for a tax-cut showdown that is all about Democrats and Republicans showing voters their differences over taxing the well-off while accusing each other of threatening to shove the government over a fiscal cliff. Senators planned to vote Wednesday on a $250 billion Democratic bill that would extend expiring tax cuts next year for all but the highest earners. Democrats will need 60 votes to advance the proposal, which they do not have. It seemed unlikely that senators also would vote on a rival GOP plan that includes the best-off Americans in the tax reductions, a measure that was destined to lose."

"Vice President Biden seized the stage Tuesday in an ongoing election-year drama over taxes, arguing that Republicans would rather raise rates for 114 million middle-class families than give up massive tax breaks for the wealthy few. On the eve of a test vote in the Senate, Biden held a conference call with reporters to make the case that an array of tax cuts scheduled to expire in January should be extended for the middle class but permitted to lapse on income over $250,000 a year," The Washington Post reports.

Roll Call: "Congressional Republicans’ goal of repealing the Affordable Care Act continues to run afoul of their efforts to reduce the deficit, at least according to the judgment of the nonpartisan Congressional Budget Office. The CBO said Tuesday that President Barack Obama’s signature health care law will cut the deficit by $109 billion over the next decade and is $84 billion cheaper after a Supreme Court ruling in June gave states more flexibility to nix an expansion of Medicaid. The estimate cheered Democrats, who have sparred repeatedly with Republicans over whether the law cuts the deficit."