"Congress Strikes Last-Minute $78 Billion Tax Deal to Expand Child Tax Credit and Boost Businesses"

The chief tax writers in Congress have reached a deal to temporarily expand the Child Tax Credit and undo restrictions on popular business tax breaks, with the roughly $80 billion package also including subsidies for affordable housing and disaster assistance. The plan would be paid for by cracking down on the troubled Employee Retention Credit and could potentially be attached to must-pass budget legislation or passed as a standalone measure. The agreement represents a significant victory for Democrats and would cost roughly $35 billion over three years, largely benefiting lower-income individuals.