- Obama military strategy too weak for future security, panel reports
- Sen. Tom Coburn vows to slow down budget-busting bills ahead of recess
- Obama fantasizes about more executive power, signs new order on federal contractors
- Clintons call Klein, Halper, Kessler ‘a Hat Trick of despicable actors’: report
- Boehner accuses Obama of ‘legacy of lawlessness’
- Pro-marijuana group claims responsibility for Brooklyn Bridge flag swap
- Young adults shun Obamacare mostly due to cost: survey
- Stabbing attack on transgender girl, 15, was ‘bias motivated,’ police say
- LGBT adults still lean overwhelmingly toward Democratic Party
- Lawmakers rattled by Syria genocide horrors, call on Obama to act
Congress members agree to fix tricky tax code
But divide lingers on new revenue
Question of the Day
During Monday’s speech, Mr. Baucus said he was working on a tax reform proposal that both sides could support but offered no details. The goals, he said, would be to help create jobs and promote “broad-based growth.”
Dozens of senators, including Tom Coburn, a Republican from Oklahoma and outspoken fiscal conservative, and Charles E. Schumer, New York Democrat, met privately over the past week to continue trying to forge a bipartisan compromise on long-term deficit reduction.
They heard from Robert B. Zoellick, outgoing president of the World Bank, and William C. Dudley, president of the Federal Reserve Bank of New York, who said that if the European crisis spirals out of control it could throw the U.S. economy back into a deep recession.
Senators seemed to emerge from the meeting with a new sense of urgency, but they offered few details on how to bridge the divide between the two parties both on extending the Bush tax cuts and long-term deficit reduction.
Sen. Bob Corker, Tennessee Republican, called the message from Mr. Zoellick a “defining moment” for debt negotiations in Washington after a year and a half of partisan impasse and said he is drafting legislation to tackle both entitlements and tax policy legislation he hopes will serve as a template for ongoing discussions.
But Sen. Joe Lieberman, a Connecticut independent who is retiring this year, best captured the bottom line.
“There’s a real sense that Europe’s economy is in a deep crisis and if it slides further it will drag down the United States even more,” he said after the meeting. “Everyone seems to know that. The question is whether we’ll have the guts to do anything about it.”
Still, any deal either on the Bush tax cuts or a longer-term tax overhaul must get through the Republican-controlled House, where many conservatives are dead set against changes that would give the government more room to spend.
“While I generally support tax reform and getting rid of loopholes, I would have to see what loopholes we’re talking about,” said Rep. Joe Wilson, South Carolina Republican. “One person’s loophole is someone else’s livelihood.
“I’m not here to increase federal revenue.”
© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.
About the Author
Susan Crabtree is an award-winning investigative reporter with more than 15 years of reporting experience in Washington, D.C. Her reporting about bribery, corruption and conflict-of-interest issues on Capitol Hill has led to several FBI and ethics investigations, as well as consequences for members within their caucuses and at the ballot box. Susan can be reached at firstname.lastname@example.org.
- GOP senators want IG probe of Sebelius' 'Obamacare' fundraising
- Teaming up with Christie, Obama says Jersey shore 'back in business'
- No Moore: Obama flubs name of Oklahoma city devastated by tornado, calls it 'Monroe'
- Obama to Okla. tornado victims: 'We have got your back'
- Aide involved in Benghazi talking points scrubbing promoted by Obama
Latest Blog Entries
TWT Video Picks
By Ted Cruz
Israel saves its enemies; Hamas endangers its friends
- Inside the Ring: Israel surprised by Hamas tunnel network
- Army's 3-D printed bombs to create 'a whole new universe' of lethal capabilities
- GOP leaders delay border bill, leave Obama in control
- Chicken pox outbreak puts illegal immigrant facility on lockdown
- CIA admits improperly hacking Senate computers in search of Bush-era information
- Report: 40% of weapons sent to Afghanistan are unaccounted for
- CRUZ: A tale of two hospitals: One in Israel, one in Gaza
- Israel surprised by Hamas tunnel network
- 3 African leaders cancel trip to U.S. over Ebola outbreak; Obama still plans summit
- GOP report sees ties between rich donors, green 'nonprofits'
Obama's biggest White House 'fails'
Celebrities turned politicians
Athletes turned actors
20 gadgets that changed the world