House Panel Moves to Boost Retirement Accounts: Congress Update

The U.S. Congress ramped up its work on President Joe Biden’s economic agenda on Thursday with House committee votes on core pieces of a planned $3.5 trillion tax-and-social-spending budget bill.

The key House Ways and Means Committee is at the center of Thursday’s action, debating measures including an expansion of Medicare and paid family leave, new funds for elder-care workers and a provision bolstering retirement savings. Behind the scenes, panel members will be seeking agreement on other elements, including the tax increases to be unveiled in coming days.

In the Senate, meantime, Democratic lawmakers have to hammer out a ...