Senate Majority Leader Harry Reid won’t consider raising the U.S. minimum wage to any level less than $10.10 an hour, though some of his fellow Democrats say they are ready to negotiate a lower amount.
Dave Camp, the Republican House Ways and Means Committee chairman, is filling in the blanks in his plan to revamp the U.S. tax code and leaning on the financial industry to help pay for lower tax rates.
The top Republican tax writer in Congress will lean on the financial industry with his planned revamp of the U.S. code, changing the treatment of carried interest and imposing a levy on the assets of banks and insurers.
Representative Adam Smith, the top Democrat on the House Armed Services Committee, said U.S. troop readiness for future wars will suffer unless politically unpopular cuts are made to military pensions.
The Democratic chairman and the top Republican on the Senate Finance Committee are pressing the Obama administration for information on tax credits paid to people who may not be eligible to work in the U.S.