Trump backed spending bill clears one hurdle and is set to head to the House. Here's the latest on no tax on tips, overtime and more.

One of the most important sticking points in negotiations about President Donald Trump’s signature tax-and-spending bill is how generous to make the deduction for state and local taxes.

The unexpected voice vote comes as congressional Republicans work to pass legislation that would include a similar provision.

Republican tax bill could cost $3.8 trillion over 10 years as its tax cuts surpass spending reductions, according to one analysis.

The S&P 500 slipped in volatile trading and Treasury yields rose on Wednesday as U.S. President Donald Trump's proposed tax-cut law faced a rare overnight hearing aimed at influencing Republican holdouts opposed to the bill's passage.

The Republican budget bill proposed by the House of Representatives could enforce major changes to Medicaid and SNAP, but there are also significant updates to federal student loans included in the bill.

House Republicans leaders are planning to accelerate new Medicaid work requirements to December 2026 in a deal with ultra-conservatives on the giant tax bill, according to a lawmaker familiar with the discussions.

President Donald Trump urged House Republicans to stop negotiating and pass his sweeping filibuster-proof reconciliation bill Tuesday.