Clutch Goals -- The U.S. Women’s Soccer team scored an improbable victory over Brazil on Sunday in the Women’s World Cup, overcoming a scoring and manpower deficit with a last-minute goal and sealing the victory through penalty kicks. A similar storyline is playing out in Washington involving a different deficit -- the federal budget deficit. It looks as if negotiations to raise the statutory debt limit and reduce the deficit will also come down to the wire.
Coverage of the so-called "chained CPI" has been heating up recently, due to rumors that it might be included in the latest round of debt negotiations.
More Fireworks in Store – Washington, DC celebrated Independence Day on Monday night with its annual fireworks display on the National Mall. Though the traditional pyrotechnics may be out of the way, lawmakers returning to work today could produce more fireworks in the nation’s capital.
Yesterday the Government Accountability Office (GAO) released a study on the complexity of the federal tax code at a Senate Finance Committee hearing on tax reform. The GAO study shows that switching to a simpler, fairer, and more efficient tax code would be a relatively easy way to control the deficit while bolstering the economy.
The bicameral, bipartisan debt limit and deficit reduction negotiations chaired by Vice President Biden resumed today with the group’s fifth meeting since it first convened last month. The pace of the talks is expected to pick up next week with as many as three meetings.
For today's 10-year anniversary of the 2001 tax cuts (EGTRRA), CRFB issued a release this morning calling for any extensions of the 2001/2003/2010 tax cuts to be fully paid for. The 2001 tax cuts, along with the expansions and extensions in 2003 and 2010, will have cost the Treasury well over $2 trillion by 2012 when they are scheduled to expire.
Clay Masterpiece – Rafael Nadal and Roger Federer played yet another classic tennis match yesterday, with Nadal once again emerging victorious for his sixth French Open title. The distinctive red clay of Roland Garros produces slow-moving tennis characterized by long rallies and lots of spin on the ball.
Though recent discussion about "spending in the tax code" has brought fresh attention to tax expenditures, much of the discussion has been about how to deal with them comprehensively.