Senate approves tax break for new car buyers
The Senate passed a tax deduction for sales taxes on new autos and interest on car loans, backed by Sen. Barbara Mikulski and aimed at aiding the ailing automotive industry. The provision remains part of a broader economic stimulus bill nearing final passage with Obama urging rapid action and opposing domestic procurement limitations.
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Barack Obama
Barbara Mikulski
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CNN
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Obama plans executive pay caps for bailout firms
Officials outline pay limits under the 700 billion bailout as Obama says taxpayers fund comes with responsibilities. Summers proposes stock locked until government funds are repaid, with caps on cash compensation for top executives.
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Barack Obama
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Larry Summers
Stimulus costs lift federal debt and future taxes loom
The stimulus package faces debate over efficacy while driving a record $1.2 trillion budget deficit this year and lifting national debt to over $10.6 trillion. Interest payments rise,39 billion more yearly, and foreign holders own about a third of Treasuries, risking higher rates if confidence falters. The piece notes potential long term tax and service impacts despite possible temporary economic gains.
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Ax Bar & Grill
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