ADMINISTRATION AND HILL HOLD TALKS ON BUDGET CUTS: Discussions occurred yesterday between Vice President Biden and House and Senate leaders on how to reduce government spending for the remainder of the fiscal year. Republicans want to cut President Obama’s FY 2011 budget by $100 billion. House Minority Leader Nancy Pelosi countered, "Democrats stand ready to meet Republicans halfway."

  • House Majority Leader Eric Cantor pledged to move legislation that would cut federal spending by $2 billion a week until Democrats produce a plan. Cantor said, "We would encourage the Senate and Leader Reid to act so that we can move forward, and until then, Mr. Speaker, I would say to my friend from Maryland that I would expect the House to continue its process of cutting $2 billion a week until we can see where the gentleman's caucus and then the Democratic Leader in the Senate is."
  • Today, the President offered to cut another $6.5 billion in government spending. Republicans said that the amount was not enough. Senate Minority Leader Mitch McConnell said, "This latest proposal is unacceptable, and it’s indefensible. The American people are tired of hearing the same tired talking points from our Democrat friends. They want action." McConnell added, "Even more outrageous, they say that this proposal meets us 'halfway.' I won't get into their tortured justification."

TAX BILLS INTRODUCED MARCH 3RD:

  1. [112nd] H.R.918: To amend the Internal Revenue Code of 1986 to repeal the withholding of income and social security taxes.

Sponsor: Rep Foxx, Virginia [NC-5] (introduced 3/3/2011) Cosponsors (None) Committees: House Ways and Means Latest Major Action: 3/3/2011 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

  1. [112nd] H.R.934: To amend the Internal Revenue Code of 1986 to reduce the corporate rate of tax to 18 percent.

Sponsor: Rep Sessions, Pete [TX-32] (introduced 3/3/2011) Cosponsors (None) Committees: House Ways and Means Latest Major Action: 3/3/2011 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

  1. [112nd] S.467: A bill to amend the Internal Revenue Code of 1986 to strengthen the earned income tax credit.

Sponsor: Sen Kerry, John F. [MA] (introduced 3/3/2011) Cosponsors (1) Committees: Senate Finance Latest Major Action: 3/3/2011 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

  1. [112nd] S.478: A bill to amend the Internal Revenue Code of 1986 to apply a 100 percent continuous levy to Medicare providers and certain Federal contractors with delinquent tax debt.

Sponsor: Sen Pryor, Mark L. [AR] (introduced 3/3/2011) Cosponsors (None) Committees: Senate Finance Latest Major Action: 3/3/2011 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

INTERNAL REVENUE SERVICE - CIRCULAR 230 DISCLOSURE:

As provided for in Treasury regulations, advice (if any) relating to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any plan or arrangement addressed herein.