WASHINGTON (AP) — The multitrillion-dollar tax breaks package passed by House Republicans early Thursday would gut clean energy tax credits that Democrats approved three years ago while supporting increased mining, drilling and other traditional energy production.

The House-passed bill includes a large tax cut, as well as more money for defense and immigration enforcement, financed in part by slashing health, nutrition, education and clean energy programs.

America faced a once-in-a-century health crisis that crashed the economy and threatened the lives of millions. Republicans and Democrats came together to pass a forceful, and expensive, emergency response that helped prevent permanent scarring to the economy.

Work requirements for Medicaid recipients, food assistance cuts and other measures in the budget passed by the U.S.

After a meeting with Trump and conservative holdouts, Speaker Mike Johnson said he planned told hold a floor vote Wednesday night or Thursday morning.

WASHINGTON (Reuters) -The House budget bill that narrowly passed in an early morning vote on Thursday would effectively put the brakes on a clean energy production boom in the United States spurred by tax credits enacted in 2022.

Further into the future, the bill will likely saddle America with a higher fiscal deficit, as tax cuts are coupled with increased spending on defense.

The carried interest loophole refers to a provision in the U.S. tax code that allows investment fund managers, like private equity executives, to pay a lower tax rate than normal,