Reforming the tax code to eliminate tax loopholes used by the wealthiest Americans would help narrow the income gap between the rich and the rest of the society, according to former U.S. Treasury Secretary Lawrence Summers.
U.S. President Barack Obama’s fiscal 2015 budget proposal is a month late and the administration has now informed lawmakers it will divide the spending plan into installments, a Senate Budget Committee spokesman said.
Raising the U.S. gasoline tax above 18.4 cents a gallon is the “simplest and most straightforward” way to fund a long-term highway bill, the president of the nation’s largest lobbying group for businesses told Congress.
Republican National Committee Chairman Reince Priebus said in an interview on Bloomberg Television’s “Political Capital with Al Hunt” airing this weekend that he expects the House of Representatives, controlled by his party, to enact some “major” revision of U.S. immigration laws within the next year.
Senator Jeff Sessions, an Alabama Republican, said in an interview on Bloomberg Television’s “Political Capital with Al Hunt,” airing this weekend, that there’s not much room for compromise on the House plan to cut $61 billion in government spending this year.
Congressional aides are looking at reductions to mandatory programs outside of Social Security and Medicare to replace automatic spending cuts hurting research and the Pentagon, said two aides involved in the process.
When Treasury Secretary Jacob J. Lew told the Senate Finance Committee last week that the Obama administration would never bargain over raising the nation’s debt limit, it was a declaration the lawmakers had heard before.