Here’s what to expect in the week ahead:
Tax Plan Expected to Pass
The House and Senate are expected to hold final votes on the Republican tax cut legislation early in the week. Republicans on the conference committee finalized the bill on Friday after some last-minute theatrics that raised questions about whether they would have the votes. The health of two Republican Senators, John McCain of Arizona and Thad Cochran of Mississippi, could be the last remaining obstacle for the tax cut bill. Both received medical treatment last week, leading to speculation that their presence for the vote was not certain.
Once both chambers pass the bill, it will go to President Trump’s desk, probably later in the week. Alan Rappeport
Rising Consumer Spending
On Friday, the Commerce Department will report on how much Americans spent in November. As we barrel through the holiday season, economists expect that personal spending rose last month, in a sign that consumers have kept pushing economic growth forward.
The Commerce Department will also release data on orders of durable goods, which include everything from washing machines to airplanes. Economists expect those purchases rose in November, thanks to businesses’ consistent demand for new equipment. Natalie Kitroeff
Open for Trading
Christmas is approaching. Retailers online and off are hoping the shopping rush will give their bottom lines an end-of-year boost. Markets, which have done well this year, will be open on Friday but closed on Christmas Day. Zach Wichter
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