Congress closes in on deal to extend tax breaks for businesses, individuals

By Kelsey Snell, The Washington Post.

House and Senate negotiators are working to complete a deal as early as this week that would revive dozens of expired tax breaks and could also seek to scale back a controversial part of Obamacare and expand some tax benefits for low income workers.

A bipartisan group of staffers from the House Ways and Means and Senate Finance committees worked throughout the Thanksgiving recess in hopes of hashing out an agreement to retroactively reinstate the expired tax breaks for businesses and individuals, extending many for a year while making some permanent, according to aides familiar with the negotiations. Early versions of the package circulated by lobbyists and staffers were estimated to cost as much as $700 billion over 10 years, but aides said the discussions are still preliminary and nothing is finalized.