House passes bill with $236 million in IRS cuts

A bill that would cut funding for the Internal Revenue Service and other agencies cleared the House of Representatives late Thursday night, with Republicans in favor and Democrats mostly opposed.

The fiscal 2017 financial services appropriations bill would cut $236 million from the IRS budget, part of a Republican effort to crack down on the agency. It also contains a host of policy riders that affect many aspects of financial regulation and fiscal policy, enough to draw a veto threat from the White House, which also opposes the included spending cuts.