States press tax cuts as lawmakers push fiscal restraint
Republicans in Missouri and Kansas inch toward broad tax cuts amid big majorities while wary officials warn tax reductions must be offset by other revenues. The shift comes as states plan major changes in 2013, with 15 states poised to enact reforms, including Missouri North Carolina Oklahoma California and Oregon.
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Missouri
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Tom Dempsey
Institute On Taxation and Economic Policy
North Carolina
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GOP ridicules Obama's no negotiation debt vow
Republicans scoff at President Obama's stance as they threaten to trigger a debt ceiling crisis to extract larger spending cuts. Senate GOP leaders including Mitch McConnell signal potential shutdowns if concessions are not made, insisting the borrowing limit rise must be paired with budget reforms.
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Mitch McConnel
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Bank of America settles with Fannie Mae over bad loans
Bank of America will pay 3.6 billion in cash to Fannie Mae and repurchase 675 billion in loans from 2000 to 2008 tied to Countrywide. The bank also pays 13 billion for foreclosures delays. A separate 8.5 billion settlement covers wrongful foreclosures affecting up to 3.8 million homeowners.
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