Congress nears $70 billion tax deal that includes breaks for children and business

Congressional leaders are closing in on a $70 billion bipartisan and bicameral deal that would expand the child tax credit and provide tax breaks for business through 2025, three sources with knowledge of the talks told NBC News.

The package, which is being negotiated by members of the Democratic-led Senate Finance Committee and the Republican-led House Ways and Means Committee, is split evenly between the Democrats’ main demand, enhancing the child tax credit which drastically cut childhood poverty, and providing new tax incentives favored by business, which Republicans are seeking in exchange.

“It’s looking good,” tax-writing Ways and Means Committee Chair Jason Smith, R-Mo., said regarding a potential deal.

Senate Finance Chair Ron Wyden, D-Ore., said he’s been pursuing this tax deal for 18 months and is aiming to complete it by Jan. 29.