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The Debt-Ceiling Deal So Far: The Washington Post Ezra Klein's Wonkbook

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A bit more information has trickled out over the last few days detailing the exact state of the budget negotiations when they collapsed. Both sides, as they often said, were shooting for about $2.4 trillion in deficit reduction over 10 years. They'd already agreed on around $1 trillion in spending cuts and were making good progress on the rest of it. But Democrats insisted that $400 billion -- so, 17 percent -- of the package be tax increases. And that's when Republicans walked. Specifically, the Obama administration was looking at a rule that lets businesses value their inventory at less than they bought it for in order to lower their tax burden, a loophole that lets hedge-fund managers count their income as capital gains and pay a 15 percent marginal tax rate, the tax treatment of private jets, oil and gas subsidies, and a limit on itemized deductions for the wealthy. It's almost not worth going into the details on those particular tax changes because t

Likely deal will extend tax cuts and unemployment insurance; South Korea and U.S. finalize trade pact; Romer on uncertainty: The Washington Post : Ezra Klein's Wonkbook

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Top Stories Senate Republicans successfully filibustered middle-class tax cuts, reports Shailagh Murray: "The Senate on Saturday rejected two Democratic proposals to let tax cuts for the wealthiest Americans expire, a symbolic but bitter defeat that now forces the Democratic majority to compromise with Republicans or risk allowing tax breaks to lapse for virtually everyone at year's end. Efforts quickly shifted to negotiations that would temporarily extend the Bush-era tax cuts for all Americans, an outcome that seemed increasingly likely. The pair of nearly party-line votes - one to preserve the tax cuts for only the first $250,000 of family income, and the other for the first $1 million of income - also represented a final stand for Democrats." A likely compromise would extend all of the tax cuts as well as unemployment insurance, report David Brown and Lori Montgomery: "The Senate Republican leadership telegraphed on the Sunday morning tal

The Washington Post : Ezra Klein's Wonkbook.-Wonkbook: Meet Pete Rouse. Oct. 1st., 2010.

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 Friday, October 1, 2010   Wonkbook: Meet Pete Rouse Today, President Obama will announce that Rahm Emanuel is resigning as chief of staff to run for mayor of Chicago. There will be wailing, rending of garments, and many tears -- at least from the journalists. Emanuel was like a gift from the Gods of Journalistic Color. He was witty and profane. He liked talking to the press, and his friends and foes liked talking about him to the press. He had an outsized personality and a Washington legend that could be used to explain both his achievements and his shortcomings. The man who is replacing him, Pete Rouse, doesn't. Rouse, who used to be known as the '101st senator,' was Tom Daschle's former chief of staff. When Daschle unexpectedly lost his 2004 reelection race, Obama snapped him up. Rouse went from being chief of staff for the most powerful Democrat in the Senate to being chief of staff for the body's most junior member. It turned out to be a