COAL
Mining firm urges anti-Democrat effort
FRANKFORT, Ky. | A leading Appalachian coal company is asking its counterparts to pool their money for a political offensive against Democrats in Kentucky and West Virginia.
International Coal Group is calling on other mining companies to join an initiative that would take advantage of a Supreme Court decision loosening restrictions on corporate contributions to political causes.
ICG Vice President Roger Nicholson said in an e-mail that he wants to target Democratic Reps. Ben Chandler of Kentucky and Nick J. Rahall II of West Virginia, and Democratic Senate candidate Jack Conway in Kentucky. The e-mail was first reported by the Lexington (Ky.) Herald-Leader.
Mr. Nicholson said the Obama administration and the Democrat-controlled Congress are “fiercely anti-coal.”
DEFICIT
Panel takes up tax-break future
A presidential commission charged with cutting the budget deficit Wednesday discussed the politically charged issue of scrapping or changing tax breaks that cost about $1 trillion a year.
Senate Budget Committee Chairman Kent Conrad, North Dakota Democrat, suggested ending some of the tax breaks as part of a broader effort to streamline the federal tax code to make the economy more competitive globally and generate revenues without raising tax rates.
“We have a tax system that really does not fit the circumstances we confront today, either in terms of generating revenue that is necessary or contributing to the competitive position that is absolutely critical for the country going forward,” Mr. Conrad told the 18-member bipartisan commission.
Erskine Bowles, a Democrat and co-chairman of the commission, agreed the panel should look at tax expenditures as part of its recommendations to reduce the budget deficit, which is expected to top $1.4 trillion this year.
MORTGAGES
Administration revises foreclosure report
The Obama administration is revising the latest report on its troubled mortgage-relief program, and the changes are likely to show a greater number of borrowers facing foreclosure after having their loans modified.
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