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House Passes Bill to Rescind IRS Funding Despite Biden Veto Threat

In the first vote on legislation with Speaker Kevin McCarthy (R-CA) in charge, the House voted along party lines last week to rescind most of the $80 billion provided by the Inflation Reduction Act to bolster the Internal Revenue Service (IRS). The bill was largely a messaging bill as it is considered dead-on-arrival in the Democratic-controlled Senate and even more so since President Biden declared he would veto it if it ever reached his desk. Nevertheless, the issue could become a bargaining chip in the upcoming debates over raising the debt ceiling and the funding of the federal government. Read more here.