Leading the Past WeekLast week ended with a stronger than expected jobs report at plus 204,000 jobs, a stronger than anticipated announcement of economic growth, at 2.8%, and an internet company stock “popping” on the IPO. It was almost as if someone who had been in a coma since March 10, 2000 suddenly woke up, they might not think anything had changed — except that they would likely be confused as to why the Office of Management and Budget (OMB) was reporting that the federal government shutdown cost taxpayers $2 billion dollars, and why the Republicans were battling with a Tea Party. So while those of us in northern climates may wish it was March, we are, in fact, in November, and with the deadline for the budget conference just about one month away, lawmakers appear to be refocusing their attention to potential tax cuts and entitlement reforms on which budget negotiators may be able to find bipartisan agreement. Last week, several lawmakers introduced measures to make various changes to the tax code, including a proposal by Senator John McCain (R-AZ) to eliminate a corporate tax deduction for stock options. McCain’s proposal, which is backed by Senator Carl Levin (D-MI), would raise $23 billion… Read full this story
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