Global markets or deadlines for extending tax breaks may yet force Congress to try again for a 'grand bargain' to shrink the US deficit. But big action before the 2012 election is unlikely.
The new measure would allow states to require online retailers to collect sales taxes on all purchases, as long as the states first agree to simplify their sales tax rules. Remarkably, the idea has broad support in the business community and may actually pass.
Debit cards' fees so unpopular in pilot programs that Chase, Wells Fargo will eliminate them. Bank of America likely to offer ways to avoid fees on its debit cards.
Debit card fees on the rise: Bank of America to charge $5 for debit card usage. Other banks may follow suit.
To reduce the deficit and create jobs, President Obama wants a "Buffett Rule" to make the super wealthy pay taxes at a rate more like average Americans. Republicans call that "class warfare."
Disaster aid funds are running low but Homeland Security Secretary Janet Napolitano said Tuesday that Congress should put Irene relief first.
Congress has created a special super committee to devise a way to cut at least $1.2 trillion from US spending in coming years. Its real name is the Joint Select Committee on Deficit Reduction, and its deadline is Nov. 23. If a majority of the bipartisan, bicameral committee approves the plan, it goes to the House and Senate for a vote, and they must act by Dec. 23. If the plan is voted down, automatic spending cuts are slated to occur. Here are the 12 lawmakers serving on the super committee.
President Obama wants Congress to come to an agreement by Aug. 2 about raising the $14.3 trillion national debt ceiling so that the US does not default on its debt and other obligations. The president wanted new tax revenues to be part of a 'grand bargain' to shrink the budget deficit; House Republicans did not.
The proposal by the 'Gang of Six' senators Tuesday draws on ideas from the deficit commission. The middle-of-the-road plan will have to overcome partisan concerns and a lack of time.