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US lawmakers unveil a spending package with just days to go to avoid a government shutdown.

Plus tech companies end 2022 with a perfect record in fighting off tougher regulation.

One of the great things about being one of the biggest companies in the world is you've got pretty deep pockets when it comes to advertising, to lobbying.

And in a surprise move, the Bank of Japan lets a benchmark rate rise.

It's Tuesday, December 20th. I'm Luke Vargas with the Wall Street Journal, and here's the AM edition of What's News, the top headlines and business stories moving your world today.

The US has delayed proposing rules on tax incentives for electric vehicles after encountering strong pushback from European and Asian allies, who had said that the subsidy program discriminated against their companies.

The EV tax incentives are designed to accelerate a transition to cleaner vehicles, but also included complex sourcing requirements that aimed to boost domestic production.

The Treasury Department said that details on the battery sourcing requirements that electric vehicles must meet in order to qualify for tax credits will now be released in March, instead of by the end of the year as earlier planned.

Staying in Washington, lawmakers have unveiled a spending bill for fiscal 2023 as they race to pass the bill by the end of the week in the last act of the Democratic-controlled Congress.

Congress must pass the spending package through both chambers of Congress, before the expiration of an interim funding bill that runs through December 23rd.

The bill is the product of months of behind the scenes haggling, and includes funding for additional support for the war in Ukraine, as well as a policy provision to make it harder to block the certification of a presidential election.

The Bank of Japan says it will let the benchmark interest rate on its 10-year government bond rise as high as 0.5 percent, up from a quarter of 1 percent now.

A surprise move that pushed the yen higher. Wall Street Journal reporter Megumi Fujikawa has more on the decision, which was announced by bank governor Haruhiku Kurota.

The Bank of Japan's move and the long period in which it was the only major central bank not to increase rates. Market players had anticipated that time might be running out on the Bank of Japan's lower rate policy, but they generally didn't expect Mr. Kurota to move at today's meeting.

Bond raised jumps while stocks fell as investors digested the possibility that companies would have to pay higher interest on their debt.

FTX founder Sam Bankman-Fried inched closer yesterday to being transferred from the Bahamas, where he is currently under arrest, into U.S. custody to face criminal charges related to the cryptocurrency exchanges collapse.

After a chaotic court hearing Monday in which his local lawyer appeared at odds with Bankman-Fried's U.S. legal team, Bankman-Fried is said to have agreed to be extradited, according to a person familiar with the matter.

Bankman-Fried has said he bore responsibility for FTX's collapse, but has denied he committed any fraud.

Disgraced film producer Harvey Weinstein was convicted Monday of three counts of sexual assault and related crimes in Los Angeles and acquitted of another.

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