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The funding would help the IRS improve customer service and do more audits on wealthy taxpayers, Democrats say.
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Many Trump supporters are calling for a defunding of the Federal Bureau of Investigations (FBI) following its raid of the former president's Mar-a-Lago estate in Palm Beach, Florida.
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Stocks closed out the week with a bang Friday, boosted by an encouraging reading on consumer sentiment.
Ahead of today's opening bell, the University of Michigan said its preliminary consumer sentiment index rose to 55.1 in August from July's final reading of 51.5. However, the data also showed that 48% of survey respondents believe inflation is negatively impacting their living standards.
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"Consumers are nervous about spending on big ticket items and are increasingly convinced that now is a bad time to buy a vehicle or a major household item," says Jeffrey Roach, chief economist at independent broker-dealer LPL Financial. "Consumer spending will likely slow in the near term."
Investors will get a closer look at consumer data next week with July's retail sales figures due out Thursday morning, and a heavy dose of retailers on the earnings calendar. While their quarterly results will reveal details on consumer spending during the second quarter, post-report earnings calls with analysts could shed more light on current conditions.
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Today's broad-based rally was led by strong performances in the technology ( 2.0%) and communication services ( 1.8%) sectors. As such, the tech-heavy Nasdaq Composite outpaced its peers, jumping 2.1% to 13,047. The S&P 500 Index gained 1.7% to 4,280 and the Dow Jones Industrial Average added 1.3% to 33,761. The Nasdaq and S&
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