UPDATE 1-US House set to vote on $78 bln child, business tax breaks bill

The U.S. House of Representatives on Wednesday prepared to vote on a $78 billion bipartisan package of tax breaks for businesses and low-income families that was put on a fast track even as Congress remains deadlocked over broader fiscal issues. The temporary tax measure, which would increase the Child Tax Credit and reinstate deductions on business research and development and capital investments through 2025, was given a green light by House Speaker Mike Johnson after negotiations with some of his fellow Republicans who objected to its lack of tax relief for state and local taxes (SALT). Johnson agreed to continue working with members and House Ways and Means Committee Chairman Jason Smith "to find a path forward for legislation related to SALT," Johnson spokesperson Athina Lawson said in a statement.