Republicans and Democrats must agree on a “balanced compromise” on budget deficit reduction that avoids “penny-wise but pound-foolish” spending cuts, a top economic adviser to President Barack Obama said.
Ending billions of dollars in U.S. tax breaks for the oil and gas industry would provide money for investments to encourage clean-energy technologies, said Gene Sperling , director of the National Economic Council.
President Barack Obama’s top economic adviser, Gene Sperling, challenged Republican congressional leaders to put an offer on the table in fiscal- cliff talks and defended Obama’s debt-reduction proposals as concrete and detailed. Sperling spoke in an interview with Bloomberg Television’s Julianna Goldman on “Political Capital with Al Hunt,” airing this weekend.
President Barack Obama today will order federal agencies to end hiring practices that put the long-term unemployed at a disadvantage and announce commitments to do the same from more than 300 companies including Wal-Mart Stores Inc., Apple Inc. and Ford Motor Co.
Limits on income tax deductions could raise a lot of money, as I've said -- perhaps more than $1 trillion over 10 years -- in a way that also makes the tax code much more progressive. Now come Jason Furman and Gene Sperling, two of President Barack Obama's top economic advisers, to say they would raise much less. But that's because they impose unwise restrictions on the new cap.