The move comes as Washington grapples with the twin deadlines of funding the government and raising the debt limit.
President Joe Biden had proposed raising the current rate to 28 percent.
The paper maps out what GDP would have been if gaps in the labor market didn't exist.
IMF's largest-ever distribution of monetary reserves will give additional liquidity for the global economy and supplement member countries' foreign exchange reserves.
Passing any major legislation is difficult given the 50-50 split between Democrats and Republicans in the Senate.
Nonfarm payrolls increased by 943,000 jobs last month, the largest gain since August 2020, the survey of establishments showed.
States and school districts across the US are sending teachers one-time "thank you" bonuses using stimulus funds.
Even as manufacturing records significant growth, the point of worry for China is the fact that domestic consumption remains week.
The plan would seek raising more tax revenue, but will he prohibit further tax load on small businesses and people making less than $400,000.
G20 decides to frame new rules aimed at stopping multinationals shifting profits to low-tax havens.
The data comes on the heels of an encouraging monthly jobs report from the Labor Department last Friday.
Politicians, businesses and some economists have blamed enhanced unemployment benefits, including a $300 weekly check from the government, for the labor crunch.
Global stocks were holding near record highs hours ahead of the reading of May core personal consumption expenditures index.
Powell did not say if the central bank would withdraw the stimulus support for the economy in the near future.
The central bank also pledged to continue its asset purchase program at least at the current pace of $120 billion per month.