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Key senator wants tax overhaul to boost economy

  The Senate’s top tax writer says he wants to overhaul the nation’s tax code to help make the economy stronger and raise additional revenue to reduce budget deficits.   Senate Finance Committee Chairman Max Baucus said in a speech Monday that a rewritten tax code should also promote more innovation and opportunity.   Many… Continue Reading Key senator wants tax overhaul to boost economy

Federal budget deficit to dip to $1.1T, CBO says

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A new budget report released Tuesday predicts the government will run a $1.1 trillion deficit in the fiscal year that ends in September, a slight dip from last year but still very high by any measure. The Congressional Budget Office report also says that annual deficits will remain in the $1 trillion range for the… Continue Reading Federal budget deficit to dip to $1.1T, CBO says

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Democrats are accusing newly empowered House Republicans of exempting more than $1 trillion in proposed tax cuts and higher spending over the next 10 years from a promise to cut federal deficits. The exemptions include a bill to repeal last year’s health care legislation as well as GOP-backed proposals extending a series of tax cuts… Continue Reading Dems say GOP exempting $1 trillion from deficit

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Commission leaders say cutting deficit will hurt

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Voters who last week sent Washington a message to wrestle the spiraling debt under control have gotten a message back from the leaders of a White House budget commission: It will hurt. A proposal released Wednesday by the bipartisan leaders of President Barack Obama’s deficit commission suggested cuts to federal Social Security pension benefits, deep… Continue Reading Commission leaders say cutting deficit will hurt

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