Business, Child Tax Break Bill Advances in US House (1)

Congress moved one step closer to enacting $78 billion in business and child tax breaks Friday, although election-year politics add risk to the legislation’s prospects.

The House tax-writing committee approved the compromise bill with a strongly bipartisan 40 to 3 vote.

But House and Senate Republican leaders have been silent on the tax cuts, even as President Joe Biden embraced the compromise after the committee vote.

White House Press Secretary Karine Jean-Pierre called the measure “a welcome step forward, and we believe Congress should pass it.”

Enactment of the tax breaks could boost the stocks of US companies with large ...