President Donald Trump’s signature economic package took a major step toward becoming law when the House Ways and Means Committee approved trillions in new tax cuts for corporations, households and small businesses on a party-line vote.

Republicans in the U.S. Congress advanced elements of President Donald Trump's sweeping budget package on Wednesday after a debate that lasted through the night, as a key committee voted along party lines to approve tax cuts that would add trillions of dollars to the U.

While he won some new tax breaks he called for, they were given an expiration date. And he failed to convince lawmakers to eliminate the so-called carried interest loophole for private equity managers and others.