White House officials said the clawback in funding will not hurt near-term tax collection.
Fox News' senior congressional correspondent Chad Pergam has the latest on the debt ceiling deal on"Varney & Co."
After weeks of back-and-forth, President Joe Biden and Republican House Speaker Kevin McCarthy struck a bipartisan deal to raise the debt ceiling in exchange for a series of spending cuts – including paring back funding for theThe IRS received an influx of $80 billion last year as part of Democrats' health care and climate change spending bill – dubbed the Inflation Reduction Act – thatThe funding was aimed at improving tax compliance among big corporations and wealthy Americans and...
Senate Minority Leader Mitch McConnell, left, House Speaker Kevin McCarthy, President Joe Biden and Senate Majority Leader Chuck Schumer meet in the Oval Office on May 9, 2023.reached by McCarthy and Biden on Sunday evening. In exchange for a two-year suspension of the debt ceiling, Republicans demanded an immediate $1.38 billion cut to the IRS. On top of that, the bill would take back up to $10 billion in each of the next two years.
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