House Ways and Means Committee chairman Kevin Brady. Photo: J. Scott Applewhite / AP

House and Senate negotiators have agreed to scale back the mortgage interest deduction in the latest version of the GOP tax bill, two congressional aides told AP. The move means homeowners will now be able to deduct interest on the first $750,000 of a new mortgage, down from the current limit of $1 million.

The details: The House wanted to reduce the deduction to the first $500,000, while the Senate wanted to maintain the current limit. But with both chambers scrambling to hash out their differences and get a finished bill on President Trump's desk by next week, the aides said negotiators decided to meet in the middle.

More from AP:

  • House Ways and Means Committee chairman Kevin Brady: "We're on track to finish" this week. "It's not like people don't know these issues" that are being debated in conference, he said.
  • One key issue that remains: How to appease GOP lawmakers from high-tax states that would bear the brunt of the elimination of the state and local tax deduction (SALT).
  • Go deeper: Yesterday, the Treasury Department released a one-page analysis of the tax plan.

Go deeper

The cliffhanger could be ... Georgia

Illustration: Sarah Grillo/Axios

It hasn't backed a Democrat for president since 1992, but Georgia's changing demographics may prove pivotal this year — not only to Trump v. Biden, but also to whether Democrats take control of the Senate.

Why it matters: If the fate of the Senate did hinge on Georgia, it might be January before we know the outcome. Meanwhile, voters' understanding of this power in the final days of the election could juice turnout enough to impact presidential results.

Amy Harder, author of Generate
6 hours ago - Energy & Environment

Climate change goes mainstream in presidential debate

Photo illustration: Aïda Amer/Axios. Photo: Olivier Douliery-Pool/Getty

The most notable part of Thursday’s presidential debate on climate change was the fact it was included as a topic and assumed as a fact.

The big picture: This is the first time in U.S. presidential history that climate change was a featured issue at a debate. It signals how the problem has become part of the fabric of our society. More extreme weather, like the wildfires ravaging Colorado, is pushing the topic to the front-burner.

Finally, a real debate

Photo: Morry Gash/AP

A more disciplined President Trump held back from the rowdy interruptions at tonight's debate in Nashville, while making some assertions so outlandish that Joe Biden chuckled and even closed his eyes. A Trump campaign adviser told Axios: "He finally listened." 

The result: A real debate.