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Deal Reached: Lawmakers Approve Bipartisan Tax Package

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Congressional negotiators have reached a bipartisan deal worth nearly $80 billion, focused on providing tax benefits for businesses and low-income families.

The package includes temporary expansions of the Child Tax Credit and the low-income housing tax credit, along with reinstating various deductions for companies.

Additionally, the deal encompasses disaster tax relief and aims to generate over $70 billion by scaling back an employee retention tax credit originally passed during the COVID-19 pandemic.

The agreement needs to pass both the Senate and the House before it can be signed into law by President Joe Biden, as lawmakers work to prevent a government shutdown and extend federal agency funding into March.

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