Bipartisan resistance in Congress to granting President Barack Obama fast-track authority to negotiate trade agreements won’t jeopardize a Pacific-region trade pact, U.S. Commerce Secretary Penny Pritzker said today.
U.S. companies would face a minimum tax on the income they earn around the world under a plan released today by Senate Finance Chairman Max Baucus that marks his most significant proposal to revamp the tax code.
The third political showdown over U.S. government finances in little more than two years eroded consumer confidence, drew a warning from President Barack Obama about the threat to the economy, and dented the government’s global reputation.
The president of an association of chief executives of major U.S. companies said he doubts Republican presidential candidate Mitt Romney will follow through on his threat to brand China a currency manipulator on his first day in the White House.
Some U.S. chief executive officers may ultimately support a rewrite of the corporate tax system though it would cost their companies money, said John Engler, president of the Business Roundtable, a Washington group that represents CEOs.
Spending cuts must accompany revenue increases in any deal Congress puts together to avoid the co- called fiscal cliff scheduled to unfold at the beginning of the new year, the president of the Business Roundtable said.