The Associated Press

Wed, May 21, 2008 (1:42 p.m.)

The House has passed a $54 billion tax package that provides breaks for millions of people and businesses and incentives for development of renewable energy.

The bill expands a child tax credit for lower income families and creates a new deduction for homeowners. It renews a popular research and development tax credit and a credit for the out-of-pocket expenses of teachers.

The White House is threatening to veto the bill. It objects to new tax revenues to pay for the measure.