Democratic and Republican lawmakers from Virginia warned of “grave consequences” for their state in a letter last month opposing automatic federal spending cuts. They urged the president and congressional leaders to take “immediate action to avert the devastating impacts.”
Republican presidential candidate Mitt Romney is preparing to release a more detailed plan to overhaul the tax code soon, said a person who attended a policy roundtable event with Romney in Washington yesterday.
President Barack Obama is considering a possible budget concession on Social Security cost-of-living increases after House Speaker John Boehner dropped his opposition to raising tax rates for some top earners, said two people familiar with the talks.
The U.S. House of Representatives plans to vote next week on bipartisan legislation to extend the Export-Import Bank’s authority to help finance export sales for three years and raise its lending limit to $140 billion by 2014.
U.S. Representative Jason Chaffetz of Utah said he is considering challenging incumbent Orrin Hatch for their state’s Republican Senate nomination next year, adding that he is getting “increasing clarity” about a bid to unseat the six-term lawmaker.