Tax Reform, Spending Cuts | featured news

President Barack Obama told fellow Democrats from the House of Representatives on Thursday he is willing to agree to a "big deal" with Congress on spending cuts and tax reforms to end the fiscal uncertainty over the U.S. deficit.

President Barack Obama on Tuesday will propose that Congress pass a small package of spending cuts and tax reforms to put off the "harmful consequences" of huge automatic spending cuts known as the "sequester" for a few months, a White House official said.

President Obama seeks up to $4 trillion in deficit cuts, putting Social Security, Medicare, defense spending and tax reform on the table as part of a balanced approach to cuts, officials say.

The Senate majority leader says budget reductions must be accompanied by tax reform. He predicts that negotiations on the nation's debt limit will drag until the 11th hour. Senate Majority Leader Harry Reid (D-Nev.) says tax loopholes must be addressed ...