Yields on government debt have risen as Congress weighs Trump’s budget plan. Meanwhile, interest on the debt is approaching $1 trillion a year – on par with proposed Defense spending.

Despite a brief market scare, the richest 10 Americans got $365 billion richer over the past year, according to a new analysis from Oxfam.

House Republicans stayed up all night to pass their multitrillion-dollar tax breaks package. Speaker Mike Johnson defied the skeptics within his ranks and muscled President Donald Trump’s priority bill to approval Thursday.

House lawmakers debated the contours of President Donald Trump’s tax cuts throughout the night as they race to meet a self-imposed deadline to approve the legislation by Thursday.

The poorest fifth of Americans would receive 1 percent of the House reconciliation bill's net tax cuts in 2026 while the richest fifth of Americans would receive two-thirds of the tax cuts. The richest 5 percent alone would receive a little less than half of the net tax cuts that year.

Immigrants and wealthy universities, as well as foreign companies, would see higher taxes under the House-passed bill.

The "one big, beautiful bill" includes a new tax break for coastal elites. It's a deduction for up to $40,000 of state and local taxes.

The carried interest loophole refers to a provision in the U.S. tax code that allows investment fund managers, like private equity executives, to pay a lower tax rate than normal,