Republican Senator Tom Coburn said he will unveil a plan tomorrow that would cut $9 trillion from the federal budget over the next 10 years in an effort to curb spending and avoid a default on U.S. debt.
While President Barack Obama publicly presses congressional leaders for a multitrillion- dollar agreement in deficit-cutting talks he said are “running out of time,” aides privately are negotiating the framework of a possible compromise.
Lawmakers seeking to wrap up congressional work for the year likely will leave Washington this month without giving President Barack Obama the opportunity to make a temporary appointment of his nominee to head the new Consumer Financial Protection Bureau.
Senate Republicans are discussing a legislative strategy to break the U.S. budget stalemate that would let Congress extend tax cuts for all except the highest income levels, said two Republican aides who spoke on condition of anonymity.
The top Republican tax writers in Congress warned business groups that supporting President Barack Obama’s tax plan may cost them a chance at cutting the corporate rate, as U.S. budget talks headed into the weekend with no compromise in sight.
The Federal Aviation Administration is preparing to recall 4,000 furloughed workers and resume collecting airline ticket taxes as the U.S. Senate votes today on legislation to temporarily end a standoff over the agency’s funding.