Sen. Raphael Warnock, D-Ga., questions Jerome Powell, the head of the Federal Reserve, during a Senate Banking Committee hearing on March 3.  (Tom Williams/CQ Roll Call)

Fifteen senators including the most endangered Democrats up for reelection in November are urging congressional leaders to include a bigger tax break for research and development and small-business incentives in any upcoming legislative package, days before the chamber may vote on a massive omnibus spending bill.

Sen. Maggie Hassan, D-N.H., and Todd Young, R-Ind., led a bipartisan letter Friday saying that unless Congress quickly restores full and immediate R&D expensing, American jobs and investment are at risk.

The call comes as policymakers are aiming to pass an omnibus spending package for fiscal 2022 before a March 11 government funding deadline. That package is likely to be the quickest vehicle to enact changes, given even popular tax efforts are difficult to move on their own.

In their letter, the senators asked Majority Leader Charles E. Schumer and Minority Leader Mitch McConnell to “support U.S. economic competitiveness and innovation in any upcoming legislative package by expanding the research and development tax credit for small businesses and preserving full and immediate expensing for R&D investments.”

Read more…..