Democrats revealed the text of their new budget resolution on Monday as the US Senate moves closer to finishing a $1 trillion infrastructure spending bill, with a possible vote on the bipartisan legislation coming as early as Tuesday.
The budget blueprint is expected to be voted on this week in the Senate soon after the final passage of US President Joe Biden’s bipartisan infrastructure package. It allows Democrats to bypass Republicans to expand the social safety net and raise taxes on the wealthy and corporations.
It would be followed as soon as September with text enacting a broad array of new education, health and climate programmes as well as an extension of tax cuts for the middle class in what has been called a “human infrastructure” bill amounting to about $3.5tn. All 50 senators who caucus with Democrats will have to unite behind it for it to prevail.
Democrats left out reconciliation instructions for an increase in the debt limit, which will have to be passed soon after Congress returns to work next month, along with a stopgap spending bill to keep the government open after the end of the fiscal year on September 30.
Senate Republican leader Mitch McConnell has said that his party will not co-operate in lifting the federal borrowing limit.
While the budget does not include instructions for a debt limit bill bypassing a filibuster, it sets the “appropriate” level of debt each year. The envisioned debt in the blueprint would rise to $33.5tn in Fiscal Year 2024 and to more than $45tn in 2031.
The budget blueprint, while teeing up the $3.5tn plan, would allow about half of it to be financed with debt.
Following months of negotiation and delay, the Senate is coming closer to finishing the infrastructure spending bill, with a vote on passage possible by Tuesday.
The legislation, which sits on top of Mr Biden's domestic agenda, cleared an important procedural hurdle late on Sunday when the Senate voted 69-28 in support of the provisions contained in the 2,702-page plan.
The Senate also voted 68-29 to limit further debate to a maximum of 30 hours, setting up a potential vote on passage early on Tuesday.
It was still unclear whether senators would reach an agreement on possibly debating more amendments beyond the nearly two dozen voted on over the past week.
The spending bill is popular among many members of Congress because of the federal dollars it would deliver to their home states.
It aims to marshal construction projects across the US aimed at repairing, expanding and improving roads, bridges, waterworks and schools, while also expanding high-speed internet service in underserved areas.
The Senate had been scheduled to begin a four-week summer recess, but instead found itself in session on both Saturday and Sunday.
Democratic Senate Majority Leader Chuck Schumer aims to launch immediately into debate of the budget for the human infrastructure bill, which would include federal aid for home health care for seniors, along with possible immigration reforms and funding to address climate change.
Unlike the infrastructure package, this larger one is not expected to gain Republican support, leading Democrats to pursue it under a special procedure known as “reconciliation” in which it could pass with a simple majority instead of the 60 votes needed to advance most bills.
The Senate is split 50-50 between Democrats and Republicans, with Democrats claiming a majority thanks to Vice President Kamala Harris’s tiebreaking vote.
If the $1tn bill is approved by the Senate as expected, the Democratic-led House of Representatives would still have to debate and vote on it sometime after it returns in late September from its summer break.
Bloomberg and Reuters contributed to this report
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-5 C Conners (Can)
-3 B Koepka (US), K Bradley (US), V Hovland (Nor), A Wise (US), S Horsfield (Eng), C Davis (Aus);
-2 C Morikawa (US), M Laird (Sco), C Tringale (US)
Selected others: -1 P Casey (Eng), R Fowler (US), T Hatton (Eng)
Level B DeChambeau (US), J Rose (Eng)
1 L Westwood (Eng), J Spieth (US)
3 R McIlroy (NI)
4 D Johnson (US)
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Dust storm
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
WWE Evolution results
- Trish Stratus and Lita beat Alicia Fox and Mickie James in a tag match
- Nia Jax won a battle royal, eliminating Ember Moon last to win
- Toni Storm beat Io Shirai to win the Mae Young Classic
- Natalya, Sasha Banks and Bayley beat The Riott Squad in a six-woman tag match
- Shayna Baszler won the NXT Women’s title by defeating Kairi Sane
- Becky Lynch retained the SmackDown Women’s Championship against Charlotte Flair in a Last Woman Standing match
- Ronda Rousey retained the Raw Women’s title by beating Nikki Bella
