Jacob Lew responded Thursday to a report that some senators are working on legislation that would trigger tax hikes and spending cuts if Congress fails to live within spending targets.
The mortgage interest tax deduction is cherished by many Americans as the path to homeownership. But the co-chairmen of the US debt panel say it should be rolled back.
The lame-duck Congress returns to session Monday with a laundry list of things to do. Avoiding a government shutdown is top on the list. But there are other important items, too.
At a Nov. 19 Monitor breakfast, Alan Simpson and Erskine Bowles discussed their plan to lower the US budget deficit, arguing that if reform doesn't happen, 'the choices will be made for us.'
The US would get in quick financial trouble and military funding could be jeopardized if Congress ignores the recommendations of the deficit commission, its co-chairs say.
Many new Republicans were elected on a platform of shrinking the federal government. The first big test of their sincerity it coming, with a vote on whether to let the US borrow more money to increase the national debt. Deficit commission co-chair Alan Simpson says he 'can't wait.'
After midterms, Congress must tackle $1 trillion budget deficit. Proposed: crack down on tax evaders, cut non-war defense spending, and let tax cuts for the wealthy expire as scheduled.