Boosting the minimum wage may cost as many as 500,000 people their jobs, said a new report from Congress’s financial scorekeeper that diminishes chances for an agreement on one of President Barack Obama’s priorities.
President Barack Obama will emphasize Democratic priorities in his next budget, dropping an offer to trim the growth of entitlement spending and proposing new tax limits for U.S.-based multi-national companies.
President Barack Obama said the success of companies that are paying lower-level employees more than the federal minimum wage stands as a rebuttal to arguments that raising the U.S. standard would cost jobs.
The U.S. State Department’s inspector general said the agency’s selection of a contractor to write an environmental review of the Keystone XL pipeline didn’t violate federal conflict of interest rules, a finding that removes another hurdle for the long-delayed project.
White House budget director Jacob Lew said the administration wants to shift the focus of budget talks from spending cuts to long-term deficit reduction, which will force Republicans to discuss raising government revenue .
U.S. stocks fell, giving the Standard & Poor’s 500 Index its biggest two-day loss since June, as concern grew that a deadlock among U.S. lawmakers over the debt limit could lead to a government default.